Adani Group to Acquire Power Company Coastal Energen

24 Oct, 2023 Author: Ayushee Joshi

Business News: The Adani Group, led by Gautam Adani, may expand its Power business by acquiring the insolvent Coastal Energen. According to media sources, the bidding procedure for the purchase of bankrupt power firm Coastal Energen began on Friday afternoon and lasted until Saturday evening, with a total of 18 rounds of offers filed. Adani Power’s offer was announced as the winner of the two-day bidding process.

Coastal Energen Operations

After declaring bankruptcy, Coastal Energen entered into corporate insolvency procedures. The firm has operational power plants, which is a plausible reason for other corporations interested in taking over the company. Adani Power won the 19th round of bidding, as Sherisha Technologies did not participate and Jindal Power did not submit a counter-proposal. Adani Power and Dicky Alternative Investment Trust placed a bid of Rs 3,440 crore in the previous round. Adani Power did not file an expression of interest, therefore it eventually collaborated with Dicky Alternative to bid.