Avantha Holdings offers Rs 24.3 billion to save Jhabua power plant

Avantha Power has an operational power generation capacity of 626 Mw, with another 660 Mw under implementation

Gautam Thapar group promoted Avantha Holdings has offered to pay Rs 24.30 billion to lenders to escape insolvency proceedings for its Jhabua power plant. 

The plant is one of the projects for which lenders, led by Axis Bank, were looking for suitors outside the IBC. The lenders have meanwhile cancelled the bid of the little-known Worlds Window group that had emerged as the successful bidder for the power plant through three of its firms. 

The Worlds Window group was backed by London-based GFG Alliance, Srei Alternative Investment and Goyal MG Gases. Liberty House, a part of GFG Alliance, is in trouble for