(ET)
NTPC has outbid the Adani Group for the Avantha Group’s 600 MW Jhabua power plant in Madhya Pradesh, with a Rs 1,900-crore offer that was two and-a-half times more than the rival bid, people in the know said.
State-run NTPC’s offer is also the highest on a per-megawatt basis so far to buy out a stressed asset in the power sector. The thermal power producer undergoing bankruptcy proceedings owes more than Rs 5,000 crore to lenders, who could recover 38 per cent of their loans if they accept the NTPC offer.
