Billionaire Gautam Adani is weighing a bid for a coal-fired power plant belonging to beleaguered Indian tycoon Anil Ambani that is currently being auctioned by Indian lenders, according to people familiar with the matter. Ambani’s Reliance Power Ltd. is also considering making an offer for the asset in an attempt to win back control of the firm, one of the people said. Deliberations are ongoing and Adani and Reliance Power could decide not to proceed with formal offers, the people said. Reliance Power declined to comment, while an Adani Group spokesperson couldn’t immediately comment. The auction of Vidarbha Industries to another company would also mark the further diminishment of Anil Ambani, a former billionaire who has been battling creditors for years and fought a bitter succession battle with Mukesh, his elder brother and Asia’s richest man.

Source: The Hindu July 12, 2023 21:04 UTC