KSK Mahanadi Power Company

KSK Mahanadi Power Company Limited was a power project development company in India, operating as a subsidiary of KSK Energy Ventures Ltd. KSK Energy Ventures was established in February 2001 by two finance professionals, S. Kishore and K.A. Sastry, to capitalize on opportunities in the Indian power sector. The founders leveraged their prior decade of experience in financial and utility consulting to transition from advisory roles to power plant development and operation. Their strategy initially focused on supplying power to heavy industrial consumers before expanding to serve state-owned utilities.

The company's core asset was the KSK Mahanadi Power Project, a coal-powered thermal power plant located in the Janjgir-Champa district of Chhattisgarh. This project was designed with a total capacity of 3,600 MW, to be implemented in six units of 600 MW each. The business model revolved around generating and selling electricity through a combination of long-term, medium-term, and short-term Power Purchase Agreements (PPAs) to both industrial clients and state-owned entities across various Indian states. However, the company faced significant challenges, primarily due to the non-availability of coal after the Supreme Court of India canceled coal block allocations in 2014.

These operational difficulties led to financial distress, and KSK Mahanadi Power Company entered the Corporate Insolvency Resolution Process (CIRP) in October 2019, initiated by the Power Finance Corporation. After defaulting on significant loan repayments, its parent company, KSK Energy Ventures, ceased to be its holding company in May 2018 when lenders invoked pledged shares. Following a competitive bidding process involving major players like Adani Power and NTPC, JSW Energy emerged as the highest bidder. In February 2025, the National Company Law Tribunal (NCLT) approved JSW Energy's resolution plan to acquire the plant, marking a new chapter for the asset under new ownership.

Keywords: KSK Mahanadi Power, JSW Energy, KSK Energy Ventures, thermal power plant, Chhattisgarh power project, power generation, electricity producer, corporate insolvency resolution, NCLT, power purchase agreement, PPA, coal-fired power, S. Kishore, K.A. Sastry, Indian power sector, Janjgir-Champa, energy infrastructure, project finance, debt resolution, stressed asset, power plant acquisition, energy sector investment, Indian electricity market, thermal energy