SKS Power: Five suitors in the fray, Adani and Reliance may bow out

The race to acquire Chhattisgarh-based power company, SKS Power, has entered the final lap with five suitors in the fray, people aware of the matter told CNBC-TV18.

State-run National Thermal Power Corporation (NTPC), Jindal Power, Torrent Power, Sarda Energy & Minerals, and Singapore-based Vantage Point Asset Management are among those that have thrown their hat in the ring, as per two people directly in the know. Adani Group and Reliance Industries were also seen among prospective bidders, but as per people in the know, both may bow out of the race, leaving the five suitors.

In previous rounds, all seven suitors had participated. However, in the latest round when revised bids were sought, only five players are expected to have submitted revised resolution plans, sources said. “It is understood that other than Adani and Reliance, all other bidders (NPTC, Sarda, Torrent, Vantage, and Jindal) have submitted revised resolution plans," said a person directly involved.