Adani vs Ambani: After green energy, there is going to be a big fight between Reliance Industries and Adani Power, the power company of Adani Group. Lanco Amarkantak Power is going to be auctioned on November 25, 2022, for which both Reliance Industries and Adani Power are going to compete with each other to bid.
This will be the first time when two giant industrial groups will be face to face to buy an asset. Apart from Reliance Industries and Adani Power, public sector companies Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) are going to participate in the bid together. Adani Power is already present in the field of thermal power and Reliance’s bid is successful, it will also enter the field of thermal power.
Reliance Industries became the highest bidder in the first round of resolution plan for Lanco Amarkantak Power, which is undergoing insolvency process. But in the second round, Adani Power won. PFC-REC stood third in both the rounds. Adani Power’s bid of Rs 2950 crore will be the base price during the bidding on 25 November. The Committee of Creditors has resorted to auction to select the highest bidder.
There may be competition between Reliance Industries and Adani group to bid for not only Lanco Amarkantak Power but also bankrupt companies like Future Retail and SKS Power. Both the groups have submitted EOI (Expression Of Interest). Although it is not clear whether both will participate in the bid.
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Lanco is operating a coal based thermal power plant on the Korba-Champa highway in Chhattisgarh. From where electricity is supplied to Madhya Pradesh, Haryana and Chhattisgarh.