A consortium of Maharashtra's state-owned MAHAGENCO and NTPC has emerged as the top bidder to take over the 1,350 MW Sinnar Thermal Power plant near Nashik.
The consortium's bid of Rs 3,800 crore positions it above the second-placed Adani Power in the initial round of bids. Moreover, the former runs the 2,190 MW Koradi power plant near Nagpur and could use its existing infrastructure to supply coal and run the plant.
The power plant, a subsidiary of RattanIndia Power, was initially developed by Indiabulls Power and was admitted to insolvency in January. Vedanta Group, Jindal Power, Orissa Metaliks and Varde Partners' Singapore-based arm VFSI Holdings have made a formal bid to take over the distressed 1,350 MW Sinnar Thermal Power.