Tata and Adani to bid for UP Power Transmission Co
POWER & RENEWABLE ENERGY

Tata and Adani to bid for UP Power Transmission Co

Tata and Adani are set to bid for the South-East Uttar Pradesh Power Transmission Company for the third time.

Tata Power had outbid Adani, offering 100% loan recovery of Rs 3,700 crore to the lenders. Adani's bid was marginally low. However, Tata Power's bid was set aside because it was conditional. Tata and Adani submitted their first bid in August and then in October. The third round of bidding is set for January end.

Tata Power has requested the lenders to consider the Swiss challenge based on the fact that it was the highest bidder in the last round and should get a chance to match the best bid.

According to the sources, Vedanta Group company Sterlite Power, Power Grid Corporation of India and REC Power Development and Consultancy Limited (REC PDCL) also participated in the earlier round of bidding.

South-East UP Power Transmission Company's resolution professional, Shailesh Verma, invited companies to submit an Expression of Interest (EoI) to buy the company to prospective bidders. Total eight companies submitted EoI.

Other companies that submitted expression of interest (EoI) were Torrent Power, Megha Engineering, and a sovereign wealth fund.

South-East UP Power Transmission Company was accused of Insolvency and Bankruptcy Code (IBC) at the National Company Law Tribunal (NCLT) after it defaulted on loans to a group of lenders, including Rural Electrification Corporation (REC), Power Finance Corporation, Bank of India and Axis Bank.

The company witnessed financial issues after its owner Isolux Corsan filed for bankruptcy in Spain.

Isolux Corsan had won 35 years of concession to build and operate a power transmission network in UP across 1,600 km in 2011.

Image Source

Also read: Posco, Adani Group to set up $5 billion Mundra steel mill

Also read: Around 80% of creditors approve Adani's bid for Radius Estates

Tata and Adani are set to bid for the South-East Uttar Pradesh Power Transmission Company for the third time. Tata Power had outbid Adani, offering 100% loan recovery of Rs 3,700 crore to the lenders. Adani's bid was marginally low. However, Tata Power's bid was set aside because it was conditional. Tata and Adani submitted their first bid in August and then in October. The third round of bidding is set for January end. Tata Power has requested the lenders to consider the Swiss challenge based on the fact that it was the highest bidder in the last round and should get a chance to match the best bid. According to the sources, Vedanta Group company Sterlite Power, Power Grid Corporation of India and REC Power Development and Consultancy Limited (REC PDCL) also participated in the earlier round of bidding. South-East UP Power Transmission Company's resolution professional, Shailesh Verma, invited companies to submit an Expression of Interest (EoI) to buy the company to prospective bidders. Total eight companies submitted EoI. Other companies that submitted expression of interest (EoI) were Torrent Power, Megha Engineering, and a sovereign wealth fund. South-East UP Power Transmission Company was accused of Insolvency and Bankruptcy Code (IBC) at the National Company Law Tribunal (NCLT) after it defaulted on loans to a group of lenders, including Rural Electrification Corporation (REC), Power Finance Corporation, Bank of India and Axis Bank. The company witnessed financial issues after its owner Isolux Corsan filed for bankruptcy in Spain. Isolux Corsan had won 35 years of concession to build and operate a power transmission network in UP across 1,600 km in 2011. Image Source Also read: Posco, Adani Group to set up $5 billion Mundra steel mill Also read: Around 80% of creditors approve Adani's bid for Radius Estates

Next Story
Real Estate

Ajmera Realty Acquires Land Parcel in Ghatkopar East

Ajmera Realty & Infra India (ARIIL) has acquired a 1,341.1 sq. mt. premium land parcel in Ghatkopar East, Mumbai. This acquisition, secured through a competitive bidding process with KJ Somaiya Trust at a cost of Rs 0.51 billion. With the earnest money paid and an MoU in place, the project is expected to yield a carpet area of ~44,000 sq. ft., with an estimated GDV of Rs 1.75 billion, said the BSE filing.Situated in Ghatkopar East, a well-established locality with a rising demand for spacious, high-end living, the company sees significant potential to launch an ultra-luxury project in this..

Next Story
Real Estate

Lemon Tree Hotels Launches 8th Property in Gujarat

Lemon Tree Hotels announces the opening of Keys Lite by Lemon Tree Hotels, Vadodara, Gujarat. This is the eighth property of the group in the state, as per the BSE filing.The efficient and affordable hotel features 63 well-appointed rooms and will open in two phases. Of these 57 rooms, a multi-cuisine coffee shop – Keys Café, along with expansive banquet spaces and conference facilities will be launched in the first phase. The remaining six rooms will be operational soon after in the second phase.Vadodara is known for its glorious past, echoed in its magnificent palaces and rich culture. Be..

Next Story
Infrastructure Transport

Nagpur-Goa Shaktipeeth Expressway Set to Revolutionise Travel

The Nagpur-Goa Shaktipeeth Expressway, a major 802-kilometer six-lane route, is set to revolutionize travel between Nagpur and Goa. Developed by the Maharashtra State Road Development Corporation (MSRDC), this expressway will slash travel time from 18-20 hours to just 8-10 hours. By enhancing connectivity across 12 districts, it aims to boost tourism, regional development, and provide easier access to spiritual sites.Stretching from Pavnar in Wardha district to Patradevi on the Maharashtra-Goa border, the expressway will pass through several districts, including Wardha, Yavatmal, Hingoli, Nand..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000