Aditya Birla ARC leads race to buy Anil Ambani firm Vidarbha's debt

Firm is a Reliance Power subsidiary that owes Rs 2,569 cr as principal amount to banks

Aditya Birla Asset Reconstruction Company (ARC), a subsidiary of Aditya Birla Capital, is leading the race for the acquisition of debt of Vidarbha Industries Power (VIPL), a bankrupt company, owned by Anil Ambani’s Reliance Power.

 Apart from Aditya Birla ARC, Rare ARC, Reliance ARC, and Asset Reconstruction Company India (Arcil) have submitted their expressions of interest (EoIs) and bids to the lenders under the Swiss Challenge formula. In the earlier round, CFM ARC had made an offer of Rs 1,220 crore to the lenders, while Reliance Power and Varde made a joint offer of Rs 1,260 crore.

 The offers made by the