Adani Group and Vedanta are in a race to acquire Lanco’s Amarkantak power plant located in Chhattisgarh, reported The Economic Times, citing people aware of the matter.

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Both parties are conducting due diligence on the power plant, which is located in the mineral-rich Korba region and comes with 600 MW of operational thermal power capacity, 1,320 MW of under-construction capacity, and another 1,320 MW at the planning stage, the report said.

The development comes after expression for interest was invited in December as the plant was admitted for insolvency proceedings by the National Company Law Tribunal (NCLT) last year.

Further, the report added that apart from Adani and Vedanta, a Singapore-based firm too could join the bidding process.

The power plant was forced to approach the NCLT following an Rs 800-crore loan default by Axis Bank, the report said. Following this, the NCLT ruled against Lanco and ordered the commencement of the insolvency process and appointment of KPMG’s Saurabh Tikmani as the resolution professional in September, the report added.