JSW sweetens offer to surge past Vedanta in race for Ind Barath unit

Both contenders has offered Rs one cr per Mw upfront. But Sajjan Jindal-led firm recently hiked upfront payment offer to Rs 845 crore against Vedanta's Rs 700 crore

JSW Energy, part of the Sajjan Jindal controlled JSW Group, has stolen a march over metals and mining titan Vedanta Ltd in the bid to acquire insolvent firm Ind Barath Energy Utkal Ltd (IBEUL), a subsidiary of the Hyderabad-based Ind Barath Power Infra Ltd (IBPIL).

IBEUL has a 700 Mw coal-fired pit-head power plant near Jharsuguda (Odisha). The company has been admitted to the Hyderabad bench of the National Company Law Tribunal (NCLT) under Insolvency & Bankruptcy Code (IBC). Both JSW Energy and Vedanta are in the race to acquire the insolvent firm. 

Initially, both JSW Energy and Vedanta were