Better credit metrics and a zero default track record with banks is helping large conglomerates, led by Adani group, Mukesh Ambani’s Reliance Industries (RIL), and Tata group, snap up bankrupt companies. They are fast emerging winners under the Insolvency and Bankruptcy Code (IBC), 2016. The Sajjan Jindal-owned JSW Group is also in the race to buy stressed assets, but so far it has had limited success.
After Tata Steel took over Bhushan Steel by paying Rs 352 billion to banks, Tata Power, in a joint venture (JV) with ICICI Ventures, is leading the race to bag Prayagraj Power by offering