Insolvency process: Toxic asset buy to hit Tata, Adani Power finances

Tata Power and Adani Power will have to take additional debt to fund the acquisition of new power assets being auctioned under the Insolvency and Bankruptcy Code (IBC). This will put them under financial stress, given their high debt and poor profitability.  Resurgent Power — a joint venture owned by Tata Power and ICICI Bank — announced on Wednesday that it has acquired  Prayagraj Power, earlier owned by the Jaypee group. But on Thursday, JSW Energy sweetened its offer for Prayagraj and a final decision will be taken by the lenders.   ALSO READ: H.....

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