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Grapevine: NTPC outbids Adani on Avantha plant; TPG alliance eyes Columbia Asia assets
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NTPC outbid Adani Group by two-and-a-half times with a Rs 1,900 crore ($265 million at current exchange rate) offer for Avantha Group’s 600 megawatt (MW) Jhabua plant in Madhya Pradesh, people in the know told The Economic Times.

Earlier this month, The Economic Times had disclosed that Adani Power and NTPC Ltd were in the race to acquire the plant from Gautam Thapar’s Avantha Group. The stressed project is undergoing resolution under the Insolvency and Bankruptcy Code.

Avantha is undergoing bankruptcy proceedings and it owes more than Rs 5,000 crore to lenders, which could recover 38% of their loans if they accept the NTPC offer, the report said.

The people said the Jhabua plant received a good bid as it was an operational project built with equipment from Bharat Heavy Electricals, but stressed due to lack of working capital.

NTPC’s bid values the unit at Rs 3.2 crore per MW as against Rs 1.25 crore per MW valued by Adani Power, the people said.

Meanwhile, a consortium of Manipal Hospitals and TPG Capital Management has emerged as front runner to acquire Seattle-based healthcare chain Columbia Asia's Indian hospital assets for Rs 2,000 crore ($280 million at current exchange rate), people in the know told The Economic Times.

“Negotiations are advancing faster and we hope to conclude them by March,” said one of the people cited above.

Others in the race include BR Shetty-owned BRS Ventures Investment Ltd, General Atlantic-backed KIMS Hospital Hyderabad, and private equity funds Blackstone and Bain Capital, the report said.

The stake sale is part of Columbia Asia management’s decision to exit Asia operations. It has six hospitals in Karnataka and one each in Maharashtra, West Bengal, Uttar Pradesh, Punjab and Delhi. 

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