A Reuters report published today claims that India’s JSW has proposed to outbid Adani Power for the possession of a thermal power plant, the Amarkantak project.
Two sources with direct knowledge of the matter have confirmed these claims.
The project is going up for an auction ordered by the insolvency court. Earlier, the court asked interested parties to submit a financial bid, lest be excluded from the auction.
While JSW submitted an expression of interest, it did not put in a financial bid. It has now sent a letter seeking the court’s permission to enter the bid, mentioning a higher number than Gautam Adani’s 41 billion rupees ($494 million).
Reuters’ sources say that Adani’s bid will form the base price for the auction. The court has yet to give its decision.