Adani Power Limited (NSEI:ADANIPOWER) and Jindal Power Limited are in the race to acquire Ind-Barath Thermal Power Ltd. in a bankruptcy auction, two people aware of the development told ET. Interest in distressed power companies has recently increased due to a shortage of power supply and the government nudge to state-owned banks to finance them. Deepak Maini, the resolution professional of the insolvent company, the Adani group and JPL did not respond to ET's query.

Both JPL and Adani Power submitted expressions of interest and are evaluating the prospects of giving respective binding bids, said the people cited above.