Jindal Steel & Power Limited (JINDALSTEL.BO)

Jindal Power offers $1.68 billion for distressed Indian coal-fired power plant, say sources

bid for a coal-based power plant in the eastern region, two sources familiar with the development told Reuters. The company has submitted a financial bid for the KSK Mahanadi plant that is in insolvency proceedings, and which is being eyed by billionaire Gautam Adani's Adani Power and Anil Agarwal's Vedanta Ltd among others, a source aware of the matter said. The 1,800-megawatt power plant, built by KSK Energy Ventures, is one of many distressed coal-fired private power stations mired in insolvency proceedings in recent years as owners did not have fuel supplies and the funds to complete them.