Lenders to SKS Power give bidders a fourth deadline extension for due diligence

The decision to extend the deadline – the fourth so far- was taken at a creditors meeting this week. ET had reported earlier that the deadline was extended in September, October and November.

, the Adani Group, state-owned , , Jindal Power, Hindustan Powerprojects, & Minerals and Jindal India Thermal are among some 23 entities that have expressed interest in the company.

“Some bidders requested more time so an extension has been given. State-owned companies like NTPC need more time because, unlike private sector companies, they need approval from both their boards as well as the government,” said a person familiar with the deliberations.

Email queries sent to process advisor BoB Capital Markets and resolution professional Ashish Rathi remained unanswered till as of press time. The corporate insolvency and resolution process for SKS Power Generation was initiated in April. The company owes ₹1,890 crore to a group of lenders led by the

. At present, NTPC is running SKS Power Generation’s two units of 300 MW each for a fee, following a government directive aimed at overcoming power shortages. “We have seen strong interest with a couple of bidders ready to submit bids as of today. But in the interest of fair competition, creditors are giving all an equal opportunity,” said another person aware of the negotiations.