According to persons with knowledge of the situation, Bloomberg reported that Gautam Adani plans to submit a bid for Vidarbha Industries Power Ltd., which Anil Ambani has been promoting and is presently up for sale.
According to the article, Adani Group may face stiff competition from Vidarbha Industries Power Ltd., which runs 600 megawatt-producing facilities in central India.
Vidarbha Industries Power Ltd. will be added to the Adani Group’s growing portfolio of coal power projects if its bid is accepted. As the company works to rebound from a scathing short-seller report by Hindenburg Research in January, it would be a huge boost. The $2.8 billion in newly obtained money will provide the group with the necessary confidence.
Additionally, the Adani Group wants to grow its core fossil fuel projects. According to the sources, Bain Capital and Carlyle Group Inc. are two prospective bidders for the shadow bank Adani Capital.
The action is being taken as part of Adani’s strategy to maintain cash on hand and refocus on its core activities.
According to the article, Anil Ambani is also thinking of submitting bids in an effort to regain control of the power plant. The auction is a further setback for the struggling businessman, who has been fighting creditors for years.
Anil Ambani was recently questioned by the Enforcement Directorate (ED) about possible currency offenses.
The sources claim that the investigation into his offshore assets by the Income Tax (I-T) department led to allegations of violations of the Foreign Exchange Management Act (FEMA), which were the subject of the interrogation.
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