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Sajjan Jindal's JSW Group is doing an encore in power with Prayagraj Power Generation Company (PPGCL) against the Tatas as it has done in steel with Bhushan Power & Steel.
A day after Tata Power said the lenders to PPGCL had issued a letter of intent (LoI) to Resurgent Power Ventures Pte for a 75.01 per cent stake, JSW Energy wrote to the lead lender, SBI, revising its offer. The new offer entails an upfront payment upwards of Rs 60 billion, factoring in tax liabilities and 15 per cent equity to the lenders. JSW’s letter was sent Thursday evening, said sources
