Srei firm in talks to buy Abhijeet Group's project in Jharkhand.

India Power Corp. Ltd., a group firm of Kolkata-based non-banking finance company Srei Infrastructure Finance Ltd, plans to acquire Abhijeet Group's 1,080 megawatt (MW) Jharkhand power project, valued at around Rs. 9,000 crore, in what could be the first of several acquisitions in India's power sector.

Lenders to the Abhijeet project, including state-owned Rural Electrification Corp. Ltd. (REC) and State Bank of India (SBI), have been looking to recover or restructure their loans. The Abhijeet group, promoted by Manoj Jayaswal, is one of the alleged beneficiaries of the previous government's irregular allotment of coal mines. The Central Bureau of Investigation (CBI) is probing the allotments.

Jayaswal has been in talks with Srei Infrastructure, which has approached lenders with a buyout plan, said a person familiar with the development who asked not be identified.


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