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Multiple Big Names, Including Adani Power Battle for IL&FS Tamil Nadu Power

It will encourage the conglomerate to participate in various similar ventures in the upcoming years. The conglomerate will also be able to get back to its former state of glory, considering the Adani scam rumours.

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Multiple Big Names, Including Adani Power Battle for IL&FS Tamil Nadu Power

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  1. Multiple Big Names, Including Adani Power Battle for IL&FS Tamil Nadu Power

  2. IL&FS, as a part of its major resolution process, recently expressed the invited expressions of interest (EoIs) to acquire 92% stakes in ITPCL held by IL&FS Energy Development Company and the group holding company. IL&FS Energy Development Company will hold 80% of the stakes, and the group holding company will hold the remaining 12%.

  3. The Acquisition of IL&FS Tamil Nadu Power Corporation Adani Power and Jindal Power have also been in the race to acquire Lanco Amarkantak. The company's operational facilities have two 300 MW units, and two 600 MW units are presently under construction. A 1,000 MW coal-based power plant was purchased earlier by Vedanta Limited for a total value of INR 1,440 crore. The purchase was made using the Insolvency and Bankruptcy Code.

  4. The Progress Made in The Bidding Process An IL&FS spokesperson has said that the assessment of bid eligibility is already in progress. After that, the bidders will take the necessary steps. Several steps, such as submission of bids, lender approvals, board approvals, etc., will follow this. All these processes are expected to be completed before the transaction is finalized. The entire sales process will take 3 to 5 months. The exact timing will depend on the time taken for the required approvals.

  5. Thank you!

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