Adani takesover Lanco Amarkantak Power Co

 

 

 

 

 

 

The deal for Lanco Amarkantak Power Company, which has been in constant controversies since its inception and has been facing financial crisis for many years, has been completed. The dominance of Gautam Adani’s Adani Group in the power sector is continuously increasing as this group has also taken over Korba-based Lanco Amarkantak Power Company. According to sources, Adani Group has approved a total of Rs 4,101 crore for Lanco, but due to what reasons its announcement has not been made public nor has any statement been made by Adani Group in this regard.

Initially it was revealed that Reliance Industries and Power Finance Corporation would also come forward in this auction process, but these two groups keeping a distance from the auction process surprised the industrial world.

 

If sources are to be believed, apart from these, Mukesh Ambani, Anil Agrawal from Vedanta Group, Naveen Jindal were also showing interest in Lanco in the initial stage. In September 2019, the corporate insolvency process was initiated for Lanco Amarkantak Power Limited, which was facing financial crisis. Anil Agrawal’s company Twin Star Technologies had bid Rs 3000 crore for it in the year 2022, but it was rejected saying it was too low. When the process started again, Ambani and Adani refused to participate in the process citing violation of the sale process. At that time a bid of Rs 3,020 crore was made by the PFC consortium.

 

After this, in the month of November last year, Adani Group had given an offer of Rs 3,650 crore, after which in December they increased their bid amount to Rs 4,101 crore. On January, Naveen Jindal’s company Jindal Power had also shown interest. He had made an offer of Rs 4,203 crore while giving a bank guarantee of Rs 100 crore. However, he later withdrew the bid. General Manager of Lanco Plant, Dushyant Tiwari confirmed the news about the deal.