Five suitors put in bids for stake in JP Power

The lenders to JPVL had sought bids to sell a stake in the firm to recover some of their dues

Five investors have put in their bids to buy at least a 30 per cent stake in debt-ridden Jaiprakash Power Ventures (JPVL), according to sources close to the development. While 11 players had initially evinced interest in picking up a stake in JPVL, that number has now shrunk to five. 

An asset reconstruction company, a private equity firm, and a power sector unit are among the five “serious contenders” and they have made a presentation before the lenders, an official involved in the bidding process said. Business Standard could, however, confirm only two names — Resurgent Power, a joint venture