The scope of business of Adani Group, one of the largest business houses of the country, may increase rapidly in the coming days. Adani Group, which is aggressively expanding its business in various regions, is eyeing a power company in South India. If all goes well, then Adani can buy a new power company in the coming days.
Now the power company on which Adani has set his eyes is IL&FS Tamil Nadu Power Corporation Limited. This company is going through bankruptcy process. Adani Power, the electricity company of Adani Group, has shown interest in purchasing it. Adani Group has earlier shown interest in buying another power company Lanco Amarkantak.
Adani’s focus on these two companies
However, Adani Group is facing tough competition in these new deals. Can get. An ET report suggests that Jindal Power and Vedanta have also shown interest for IL&FS Tamil Nadu Power Corporation. Jindal Power is also interested in Lanco Amarkantak. Which group gets these companies depends on whose bid is better and is liked by the lenders committee.
Deal for this much stake
IL&FS Tamil Nadu Power Corporation i.e. ITPCL is one of the most important assets in the portfolio of the financially troubled IL&FS group. IL&FS had recently invited EOI for 92 percent stake in ITPCL. The holding company of IL&FS group holds 12 percent stake in ITPCL. 80 percent stake is with IL&FS Energy Development Company. The remaining stake is with other parties.
The company has these important assets
ITPCL has many great assets. The company has a captive coal mine in Indonesia. Cuddalore, Tamil Nadu, has two coal-based power stations of 1,200 MW each, with scope for expansion by an additional 2,000 MW. These assets are making IL&FS Tamil Nadu Power Corporation an attractive deal for various parties including Adani.