Tata Power and JSW Energy are in the race to acquire a 1,980MW coal-fired electricity-generating plant Prayagraj Power Generation in north India as both the companies to ramp up their capacities, reported The Times of India.
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Prayagraj was earlier promoted by Jaiprakash Associates, which owes over Rs 11,000 crore to lenders, the report said.
There isn’t a significant difference between the offers made by Tata Power and JSW Energy, sources told the paper. Tata has offered a 15 percent stake to the lenders of Prayagraj, while JSW has offered a lesser equity, the report said.
The companies have offered an upfront payment of over Rs 6,000 crore and an equity stake to the lenders of Prayagraj, the daily said, adding that the lenders now own the controlling stake in the unit after following the RBI strategic debt procedure.