Adani-Ambani in the race to acquire SKS Power

Adani-Ambani in the race to acquire SKS Power: the company owes about Rs 1,900 crore, and the deal is important for the business of both

Jan 4, 2023 - 23:15
Adani-Ambani in the race to acquire SKS Power

Two of India's biggest business houses, the Adani Group and Reliance Industries (RIL), are in the race to acquire Chhattisgarh-based SKS Power. Bank of Baroda and SBI owe about Rs 1,900 crore on this plant. Other bidders include NTPC, Torrent Power, Sharda Energy & Minerals, Jindal Power and Singapore-based Vantage Point Asset Management. This has been claimed in some media reports.
Adani is already in the business of thermal power. Adani Power, a group company, has an installed capacity of 13,650 MW with a presence in Gujarat, Maharashtra, Rajasthan, Karnataka, Chhattisgarh and Madhya Pradesh. Therefore, the acquisition of this coal-based plant is of great importance to the Adani Group. Adani Group has mines in Australia, from where coal of high calorific value is obtained.
Talking about Reliance, the company's chairman Mukesh Ambani has already told that his focus is on new energy. There are plans to build a Giga Complex in Jamnagar with four Giga factories for power electronics and solar PV (photovoltaic) manufacturing, which will include cells and modules. Reliance will need thermal power for green hydrogen, as there is a lot of manufacturing involved.

Muskan Kumawat Journalist & Writer