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Jindal Power
Jindal Power Limited is set to acquire Bhadreshwar Vidyut for nearly Rs 500 crore as the lenders of the Gujarat-based thermal power producer have approved its bid. The Committee of Creditors (CoC) of Bhadreshwar Vidyut, which is currently going through an insolvency resolution process, has voted in favour of the resolution plan by Jindal Power Limited (JPL), a Naveen Jindal Group company, according to industry sources. As per the provisions of the Insolvency & Bankruptcy Code (IBC), the resolution professional of the debt-ridden thermal power producer will send the plan to the National Company Law Tribunal for final approval. A source close to the deal said, "Jindal Power was the highest bidder in the second challenge process. The company will now work towards completing the acquisition within the next six months". In a rigorous multi-round bidding, each participants were given a chance to improve their offers. Eventually, Jindal Power emerged as the highest and sole bidder in the
To strengthen its global presence, homegrown Jindal Group is talks with Vitkovice Steel to acquire 100 per cent stake in the Czech-based company. The group is expected to complete the acquisition by the end of this fiscal year through its arm Jindal Steel International, sources said. It will be Jindal Group's first acquisition in Europe. The Naveen Jindal-owned business house already has significant presence in geographies like Australia, Mozambiquie and Oman in sectors such as steel, power and mining. "The management of the two sides are in active talks for the deal. As part of the deal, Jindal Group will acquire 100 per cent stake in Vitkovice Steel. This will be Jindal Group's first acquisition in Europe," industry sources said. As per sources, the deal size could be of about 150 million euros (around Rs 1,000 crore), they said. The acquisition of Vitkovice Steel will help the Jindal Group to make a foothold in the European market, which is putting checks in the form of CBAM .
Mining major Vedanta, Jindal Power and state-owned NLC India are among the players which participated in the first tranche of the auction of critical minerals, Union Minister Pralhad Joshi said on Thursday. A total of 56 bids were received for 20 critical and strategic blocks put on auction in the first tranche launched in November 2023, the minister told reporters after the lunch of the second tranche of the auction of critical and strategic minerals. Around 180 enquiries came from interested parties and 56 bids have been received from companies like Vedanta, NLC, Shree Cement, Dalmia, and Jindal Power, he said. The list includes a number of EV players also like Ola Electric, he said. In the first tranche, 20 mineral blocks including lithium were put on auction. Of these 16 have been put up for grant of composite licence and four for grant of mining lease.
The insolvency appellate tribunal NCLAT has dismissed the plea of Jindal Power to allow the company to participate in the ongoing resolution process of debt-ridden Tuticorin Coal Terminal. A two-member bench of the National Company Law Appellate Tribunal (NCLAT) upheld the earlier order passed by the Mumbai Bench of NCLT, which said that under CIRP Regulations, Jindal Power Ltd (JPL) was "ineligible to submit a Resolution Plan" for Tuticorin Coal Terminal. The appellate tribunal said the process prescribed in the IBC asks for maximisation of the value, but it cannot give a go-by to the existing specific CIRP Regulations, which prevent the entry of companies that are not in the final list of prospective resolution applicants. The NCLAT further directed the resolution professional and the Committee of Creditors (COC) to decide on the bid received from Seapol. "We do not find merit in the present Appeal, which if allowed would mean contravention and violation of Regulation...The Appea
As many as 49 players including Reliance Retail, Jindal Power Ltd and Adani group have submitted Expression of Interest (EoI) for acquiring the assets of debt-ridden Future Retail, which is currently going through insolvency resolution process. Reliance Retail Ventures Ltd, which is the holding company for retail operations of RIL and April Moon Retail Private Ltd, a joint venture between Adani Airport holdings and Flemingo group have again submitted their EOI, after the lenders of Future Retail decided to invite fresh bids after dividing FRL's assets into clusters. According to an update from FRL's Resolution Professional, the 49 players would be permitted to submit "resolution plan(s) for any/all such Clusters under Option II". Some of the other players who have submitted Expression of Interest (EoI) include Century Copper Corp, Greentech worldwide, Harsha Vardhan Reddy, J C Flowers Asset Reconstruction Pvt Ltd, Pinnacle Air Pvt Ltd, Universal Associates and WHSmith Travel Ltd amo
JSW Steel, Jindal Steel & Power Ltd and Bharat Aluminium Company Ltd were among the 21 firms that put in bids in the latest auction of coal mines, the government said on Wednesday. In all, 26 bids were received for the auction of coal mines under the fourth tranche of sale of coal, the coal ministry said in a statement. Five of the 11 coal mines put on auction received single bids. The Gare Palma IV/6 mine in Chhattisgarh received a maximum of eight bids. The mine was originally allotted jointly to Jindal Stel & Power Ltd (JSPL) and Malwa Sponge Iron Ltd in January 2006 to meet the coal requirement of their respective sponge iron plants in nearby Raigarh and Taraimal districts, respectively. However, the allocations, along with others, were cancelled by the Supreme Court 2014. Utkal B1 & B2 mines in Odisha received six bids, while Chinora in Maharashtra got four and three bids came in for Rabodih OCP in Jharkhand. "The process of 4th tranche of the auction of coal mines ...