In a sudden U-turn, Naveen Jindal-promoted Jindal Power Limited has dropped out of the race to acquire Lanco Amarkantak Power Limited. Just last week, the company had topped an offer by Adani Power Limited (NSEI:ADANIPOWER) for the distressed thermal power company undergoing corporate insolvency proceedings. Following this development, only three bidders - Adani Power Limited (NSEI:ADANIPOWER), Reliance Industries Limited (NSEI:RELIANCE) and Power Finance Corporation Limited (NSEI:PFC) - led consortium - will participate in the proposed auction process.