Home / Companies / News / Adani Group may pick 51% lenders' stake in TN's power firm Coastal Energen

Adani Group may pick 51% lenders' stake in TN's power firm Coastal Energen

If the lenders succeed in selling their stake, then it would be one of the first few power projects whose debt will be resolved outside the courts

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Gautam Adani-led group had recently withdrawn its application to take over Ruchi Soya

Dev Chatterjee TE Narsimhan Mumbai/Chennai

Last Updated : Jan 09 2019 | 10:54 PM IST

The Adani Group has joined the race to buy the 51 per cent stake in Coastal Energen owned by Indian lenders.

The lenders took majority control in the Tamil Nadu-based company after it failed to repay its Rs 6,000 crore debt. Apart from Adani, the Coal & Oil group, former promoter of the company, is also expected to put in a bid, said a source close to the development. The Coal & Oil group still holds around 40 per cent stake in the company.

A consortium of lenders led by State Bank of India has mandated SBI Caps to invite fresh bids

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