Vedanta, Hyderabad company bid for Lanco Amarkantak Power | Economic Times

New Delhi: Vedanta and a Hyderabad-based investment company have bid for Lanco Amarkantak Power, which went into bankruptcy last year, according to people aware of the matter.Bidders are said to have made offers raging from ₹2,000 crore to ₹3,000 crore each to take over the power plant located in Chhattisgarh, the people said. The Hyderabad company could not be identified. The bids are being evaluated for legal compliance before negotiations are opened up, the people said.“We don’t comment on speculation,” said a Vedanta spokesperson in response to ET’s queries.A group of 17 lenders had advanced about ₹14,000 crore to the power company. Five of them – Axis Bank, Power Finance Corporation, Edelweiss ARC, LIC and IDBI Bank – accounted for more than half of those loans.Lanco Amarkantak Power, which was incorporated in February 2001, has coal-fired thermal power units on 1,337 acres. The project has two units of 300 MW each that currently supply electricity to Madhya Pradesh, Haryana and Chhattisgarh. The second phase of two units of 660 MW each has been delayed beyond the targeted commissioning in 2016-17. Work on the third phase to add two more units of 660 MW each has not started. With governments across the globe backing renewable energy, valuations of thermal power plants have been adversely impacted.