Mumbai: A consortium of Maharashtra state government power generation company (Mahagenco) and public sector National Thermal Power Corporation Limited (NTPC) has emerged as the top bidder to take over the 1,350 MW Sinnar Thermal Power plant near Nashik.
With the bid of Rs 3,800 crore, MAHAGENCO is leading the bidders in the initial round of bids. Adani Power is said to be the second bidder. Lenders are evaluating legal and other compliances of the bidders, following which negotiations with individual bidders will start, said people familiar with the process.
“The early bids put the Mahagenco-NTPC partnership at the top. The second-placed bidder is behind as its bid is less than Rs 3,000 crore. But the plans are still at the initial stage and we could see revisions since all parties interested are serious players in this sector,” said an official from MAHAGENCO who does not want his name to be revealed.
Commodities company Vedanta Group, Naveen Jindal’s Jindal Power, Kolkata-based Orissa Metaliks and Varde Partners’ Singapore-based arm VFSI Holdings are among seven companies that have made a formal bid to take over the distressed 1,350 MW Sinnar Thermal Power. Individual bidders could not be contacted.
The Mahagenco-NTPC combine is best placed because it runs the 2,190 MW Koradi power plant near Nagpur and can use its existing infrastructure to supply coal and run the plant.
