The race to acquire Chhattisgarh-based power company, SKS Power, has entered the final lap with five suitors in the fray, people aware of the matter told CNBC-TV18.

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State-run National Thermal Power Corporation (NTPC), Jindal Power, Torrent Power, Sarda Energy & Minerals, and Singapore-based Vantage Point Asset Management are among those that have thrown their hat in the ring, as per two people directly in the know. Adani Group and Reliance Industries were also seen among prospective bidders, but as per people in the know, both may bow out of the race, leaving the five suitors.

In previous rounds, all seven suitors had participated. However, in the latest round when revised bids were sought, only five players are expected to have submitted revised resolution plans, sources said. “It is understood that other than Adani and Reliance, all other bidders (NPTC, Sarda, Torrent, Vantage, and Jindal) have submitted revised resolution plans," said a person directly involved.

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Currently, two of SKS Power's plants are also being operated by NTPC for a fee.

The deadline to submit resolution plans has been extended several times before, and banks are now hopeful of recovering nearly 90 percent of their dues with revised offers. The Chhattisgarh-based power company owes approximately Rs 1,890 crore to the Bank of Baroda, and the State Bank of India.

The deadline for submitting revised resolution plans in this latest round ended earlier this week. The lenders will now evaluate the latest offers, and negotiate with the bidders before proceeding with the declaration of the highest bidder.

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First Published:Mar 24, 2023 5:39 PM IST