What happened to KSK Energy Ventures?

KSK Energy Ventures faced severe financial stress due to massive cost overruns in its Mahanadi Power Project. Lenders initiated insolvency proceedings under IBC and the company was admitted to CIRP by NCLT, effectively wiping out equity shareholder value.

Is KSK Energy Ventures still operating?

KSK Energy Ventures and its subsidiary KSK Mahanadi Power Company are under CIRP. The resolution process has been ongoing, with the operational assets being evaluated by the Resolution Professional for potential sale to a new owner.

What is KSK Energy's ISIN?

KSK Energy Ventures Limited's ISIN is INE143H01015.

Who are the promoters of KSK Energy Ventures?

KSK Energy Ventures was promoted by S. Kishore Babu and K.A. Sastry, who co-founded the company in the early 2000s as an independent power producer.

What is KSK Mahanadi Power Project?

KSK Mahanadi Power Company is a subsidiary of KSK Energy Ventures that was developing a 3,600 MW ultra-mega thermal power plant in Chhattisgarh. The project became one of India's largest stressed power assets due to massive debt overruns.

How do I buy KSK Energy Ventures Limited unlisted shares here?

Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.

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How do I pay, and is there a payment gateway?

Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

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Unlisted shares are illiquid, may be hard or impossible to sell, and are not covered by exchange settlement guarantees or investor-protection funds. Pricing is indicative, not live. Read the full Risk Disclosure before you enquire, and invest only what you can afford to lock away.

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Investment Thesis

KSK Energy Ventures is a cautionary tale of India's stressed power sector — once a high-profile IPP with a 3,600 MW mega project, it is now under CIRP with a share price of ₹0.01 and effectively zero equity value. Investors should treat this as a write-off and exercise extreme caution; this is not an investable situation under current circumstances.

Pros

Historically operated large-scale thermal power plants including the 3,600 MW KSK Mahanadi Power Project in Chhattisgarh — one of India's largest private power projects
Power sector is a critical infrastructure segment with long-term energy demand growth in India
Company had diversified power portfolio including thermal, hydro, and gas-based plants at its peak
Previous operational capacity provided significant revenue potential

Cons

CRITICAL: Company is under Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC) — National Company Law Tribunal (NCLT) admitted insolvency petition
CRITICAL: Share price collapsed to ₹0.01 effectively wiping out entire shareholder value
KSK Mahanadi Power project faced massive cost and time overruns due to land acquisition delays, coal linkage issues, and funding gaps
Total debt of over ₹30,000 crore with limited ability to service obligations from operational cash flows
Multiple lender banks including SBI, PNB, and others classified accounts as NPAs leading to enforcement action

Business Segments

Thermal Power Generation

Coal-based thermal power plants including the large KSK Mahanadi Power Project in Chhattisgarh with planned capacity of 3,600 MW

Hydro and Gas Power

Smaller hydro and gas-based power assets in Chhattisgarh and other states

Revenue Model

KSK Energy historically generated revenue through sale of power to state electricity boards and long-term power purchase agreements (PPAs). The company followed the independent power producer (IPP) model, borrowing heavily to build generation assets and recovering costs through long-term tariff-based power sales. The model collapsed under debt service obligations that outpaced generation revenues.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds9

Growth Plans

Unlikely revival scenario: Sale of Mahanadi assets to a large power company at a price that partially recovers lender dues and leaves residual value for equity

Government intervention in stressed power sector assets under RBI resolution framework

Partial recommissioning of operational generating units under new ownership

Industry Tailwinds

Unlikely revival scenario: Sale of Mahanadi assets to a large power company at a price that partially recovers lender dues and leaves residual value for equity

Recent Developments

CIRP proceedings ongoing at NCLT

KSK Mahanadi Power Company's CIRP continues at NCLT with the Resolution Professional managing the asset. Multiple bidders evaluated but resolution remains elusive due to high debt levels.

2023-09

Share price effectively zero

KSK Energy Ventures shares trade at ₹0.01 in the unlisted market, reflecting near-complete destruction of equity value under insolvency proceedings.

2024-01

NCLT orders liquidation of some assets

With CIRP failing to attract qualified resolution applicants at viable prices, NCLT explored liquidation of certain sub-assets of KSK Mahanadi.

2022-06

Comparable Companies

CompanyTypeTickerMkt Cap

NTPC LimitedListedNTPC~₹3,20,000 Cr

Adani Power LimitedListedADANIPOWER~₹2,10,000 Cr

GVK Power & Infrastructure (Stressed)ListedGVKPIL~₹2,000 Cr (distressed)

NTPC LimitedListed

NTPC · ~₹3,20,000 Cr

Frequently Asked Questions

About KSK Energy Ventures Limited

KSK Energy Ventures Limited is a power generation holding company incorporated in 2002 under CIN U40109TG2002PLC038542 and headquartered in Hyderabad, Telangana. The company was one of India's largest independent power producers (IPPs) with an ambitious portfolio of thermal power projects concentrated in Chhattisgarh, and is currently undergoing liquidation proceedings under the Insolvency and Bankruptcy Code (IBC) 2016 following the failure of its flagship subsidiary. At its peak, KSK Energy Ventures developed, constructed, and operated coal-based thermal power plants across multiple states through a structure of project-specific subsidiaries. Its flagship asset was KSK Mahanadi Power Company Limited — a 3,600 MW ultra-mega power project in Nariyara, Chhattisgarh — which was one of the largest private power projects under development in India. However, cost overruns, fuel supply disruptions, power purchase agreement challenges, and debt-servicing failures led to a cascade of defaults across the group. The financial collapse of KSK Mahanadi triggered insolvency proceedings, and JSW Energy Limited successfully acquired KSK Mahanadi through the Corporate Insolvency Resolution Process (CIRP) — one of the largest stressed asset resolutions in India's power sector. However, the parent company KSK Energy Ventures itself remained in financial distress. The Committee of Creditors subsequently passed a resolution for the liquidation of KSK Energy Ventures Limited, and the company filed its application for liquidation under IBC. Total admitted financial claims against the KSK group entities were estimated to exceed Rs. 29,000 crore, making this one of the largest IBC cases in the Indian power sector. Lenders including State Bank of India, Punjab National Bank, and other PSU banks were major creditors. The KSK collapse became a landmark case in India's stressed thermal power sector consolidation, alongside peers like GVK Power, Lanco Infratech, and Essar Power.

Key Milestones

2001 — KSK Energy Ventures incorporated in Telangana by S. Kishore Babu and K.A. Sastry

Common questions about unlisted shares

How do I buy KSK Energy Ventures Limited unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?

Risk factors & red flagsInvestment risks and items flagged from public filings14

Financial PerformanceHigh

Company reported a net loss of ₹2818.27 Cr — may signal structural profitability challenges

Source: Financial data

Leverage & DebtMedium

Debt-to-equity ratio of 4.09x indicates elevated leverage — increases financial risk in downturns

Source: Financial data

Leverage & DebtHigh

Interest coverage ratio of 0.83x — EBIT does not fully cover interest expenses; risk of debt default

Source: Financial data

Leverage & DebtHigh

CRISIL rating of CARE D — sub-investment grade; indicates elevated credit risk

Source: CRISIL

Insolvency RiskHigh

KSK Energy Ventures and its primary subsidiary KSK Mahanadi Power Company are under IBC/CIRP proceedings. Equity shareholders are last in line in any resolution and are very unlikely to recover any value.

Source: IBBI / MCA Public Records

Leverage & DebtLow

Total debt exceeding ₹30,000 crore dwarfs any realistic asset recovery value, making equity recovery virtually impossible.

Source: Company Financial Filings

Fraud / GovernanceLow

The project suffered from persistent coal supply issues and non-availability of committed coal linkages from Coal India, severely impairing generation economics.

Source: Media Reports / Public Records

Operational RiskLow

Multiple lenders have legal actions pending. Inter-creditor disputes among banks are also delaying any swift resolution.

Source: AlphaHub Research

Fraud / GovernanceHigh

The share price of ₹0.01 represents a near-total capital loss for shareholders who invested at IPO or at any subsequent price. Risk of complete write-off remains very high.

Source: Company Financial Filings

Insolvency Risk (CRITICAL)

Debt Overhang Risk

Total debt exceeding ₹30,000 crore dwarfs any realistic asset recovery value, making equity recovery virtually impossible.

Regulatory and Coal Linkage Risk

The project suffered from persistent coal supply issues and non-availability of committed coal linkages from Coal India, severely impairing generation economics.

Legal Risk

Multiple lenders have legal actions pending. Inter-creditor disputes among banks are also delaying any swift resolution.

Complete Capital Loss Risk

The share price of ₹0.01 represents a near-total capital loss for shareholders who invested at IPO or at any subsequent price. Risk of complete write-off remains very high.

KSK Energy Ventures Limited

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