India's Jindal Power has offered 42.03 billion rupees ($505.77 million) for a distressed coal-fired power plant, the company told the insolvency court on Wednesday, topping an offer made by billionaire Gautam Adani's power firm.

Adani Power had last month quoted 41 billion rupees ($493.38 million) for the 1,980-megawatt power plant in central India ensnared in insolvency proceedings.

Jindal Power, a unit of Jindal Steel and Power (JNSP.NS), opens new tab, had last week asked India's insolvency court to allow it to participate in an auction for the Amarkantak project.