Coal news and updates

India's Adani mulls bidding for Anil Ambani's bankrupt coal plants- Bloomberg

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July 11 (Reuters) - Indian billionaire Gautam Adani is considering a bid for the bankrupt coal-fired power plants belonging to industrialist Anil Ambani, Bloomberg News reported on Tuesday, citing people familiar with the matter.

The plants are currently being auctioned by an Indian bankruptcy court.

Adani may face tough competition for Ambani-owned Vidarbha Industries Power Ltd, which operates the 600-megawatt generation facilities in Nagpur in the western Indian state of Maharashtra.

Ambani's Reliance Power Ltd will also likely make an offer to win back control of the firm, the report added.

Last week, Adani Green Energy Ltd

approved

raising 123 billion rupees ($1.49 billion), while two other Adani group companies - Adani Transmission and Adani Enterprises - had in May outlined plans to raise funds totalling $2.57 billion.

Adani's bids are aimed at strengthening the company's growing portfolio of coal power projects, the report said.