India’s Sarda Energy and Minerals Limited (SEML) has emerged as the highest bidder to acquire SKS Power Generation Chhattisgarh Limited through the bankruptcy resolution process, company sources said on Wednesday, June 12.
Under the approved resolution process, MEML would pay an estimated $220 million for the outstanding debt of SKS and acquire thermal power generation assets aggregating 600 MW located in Chhattisgarh state.
SMEL is an integrated steel producer with captive iron ore mines along with a plant for production of manganese-based ferroalloys and the acquisition of SKS would add a captive power source for its production units and accrue cost competitiveness.