Power generation company Coastal Energen, which is undergoing an insolvency process, has attracted interests from a clutch of buyers that include billionaire Anil Agarwal-led Vedanta, a media report said.
Torrent Power, Jindal Power and Dickey Alternative Investment Fund are also among the 18 companies that are in the race to acquire the company, The Economic Times reported, citing people close to the development.
In February last year, the Chennai bench of the National Company Law Tribunal (NCLT) admitted the power producer for insolvency after its promoters failed to revive the company.
Electric vehicle maker Omega Seiki Mobility (OSM), part of the Anglian Omega Group, is in discussions with private equity firms and banks to raise $100 million over the next two years for its newly established drone manufacturing entity Sooryauday Aerial Vehicles Pvt Ltd, the company’s founder, Uday Narang, told ET.
The company is also separately looking to raise $100 million in a mix of debt and equity round to grow its core EV business, the report said.
OSM’s drones, developed in collaboration with a European firm, recently completed testing and are awaiting government clearance. They will be ready for commercial launch in another three months, the company says.