Adani Power, Vedanta, Jindal in Race to Buy Sinnar Thermal Plant – 7 Companies Submit Bids

India’s largest private power producer, Adani Power Ltd, along with Jindal Power Ltd (owned by Naveen Jindal), Vedanta Group, Orissa Metaliks, and Varde Partners’ Singapore-based VFSI Holdings, are among seven companies bidding to take over the troubled 1,350 MW Sinnar Thermal Power Plant.

State-owned MAHAGENCO and NTPC have also submitted a joint bid for the plant, which is located near Nashik, Maharashtra, according to sources familiar with the process.

Originally developed by Indiabulls Power, the plant is now a subsidiary of RattanIndia Power and entered insolvency in January after Shapoorji Pallonji & Co filed a claim for unpaid dues. The plant owes a total of ₹15,909 crore to various creditors, with Power Finance Corp and Rural Electrification Corp being the largest lenders.

Six resolution plans have been submitted, but the value of these bids is still under review. Each bidder has provided an initial plan with a ₹10 crore deposit.

While the plant offers expansion potential, several issues—including land disputes, lack of coal supply, and the absence of a power purchase agreement—may affect its valuation. Additionally, the plant lacks a railway connection, which would require a costly rail line to be built by any future owner.