Jindal Power applied with Amravati National Company Law Tribunal (NCLT) to withdraw its petition, said people with knowledge of the matter. Jindal Power, backed by Naveen Jindal, has withdrawn from the competition to purchase Lanco Amarkantak Power. Adani Power made an offer for the distressed thermal power company undergoing corporate insolvency proceedings. After the withdrawal of Jindal Power, now only three bidders are left in the fray. A bit more than Adani Power's Rs 4,100 crore offer from a month ago, Jindal Power is making an offer of Rs 4,203 crore.

Source: dna January 26, 2024 19:46 UTC