Tata Power emerges as highest bidder for UP Transco
POWER & RENEWABLE ENERGY

Tata Power emerges as highest bidder for UP Transco

Tata Power Limited has emerged as the highest bidder for the South-East UP Power Transmission Company, bidding for over Rs 3,000 crore to buy the transmission firm under the insolvency process.

On 30 October, Tata Power submitted its final bid through Resurgent Power Ventures.

The final bids were also submitted by Adani Group, Sterlite Power, Power Grid Corporation of India Limited, and REC Power Development and Consultancy Limited.

An executive officer said on behalf of the lenders that the company would go forward with the Tata Power bid as it provides the best offer.

Sources told the media that the lenders will vote on Tata Power and then approach their respective boards for final approval. Tata Power may get two-thirds of the vote required to declare it as the winning bidder.

All the dues will be recovered from Rural Electrification Corporation, Power Finance Corporation, Bank of India and Axis Bank.

All the other bidders have been given a second chance to modify and better their initial offer.

The UP Transco is under the Insolvency and Bankruptcy Code (IBC) proceedings by the National Company Law Tribunal (NCLT).

An invitation was issued by Deloitte on 18 February to submit an Expression of Interest (EoI) to buy the company. The other big four auditors are advising the lenders on the sale process.

In July 2011, Isolux Corsan had won 35 years of the contract to build and operate a power transmission network in UP across 1,600 km. The company took loans of Rs 3,100 crore from local lenders to finance the project, but due to its financial crunches, it ended up filing for bankruptcy.

The Indian lenders had acquired the local facility and approached NCLT to begin sale processes to recover the loans.

Image Source

Also read: EESL awards orders worth Rs 538 cr to Tata Power

Tata Power Limited has emerged as the highest bidder for the South-East UP Power Transmission Company, bidding for over Rs 3,000 crore to buy the transmission firm under the insolvency process. On 30 October, Tata Power submitted its final bid through Resurgent Power Ventures. The final bids were also submitted by Adani Group, Sterlite Power, Power Grid Corporation of India Limited, and REC Power Development and Consultancy Limited. An executive officer said on behalf of the lenders that the company would go forward with the Tata Power bid as it provides the best offer. Sources told the media that the lenders will vote on Tata Power and then approach their respective boards for final approval. Tata Power may get two-thirds of the vote required to declare it as the winning bidder. All the dues will be recovered from Rural Electrification Corporation, Power Finance Corporation, Bank of India and Axis Bank. All the other bidders have been given a second chance to modify and better their initial offer. The UP Transco is under the Insolvency and Bankruptcy Code (IBC) proceedings by the National Company Law Tribunal (NCLT). An invitation was issued by Deloitte on 18 February to submit an Expression of Interest (EoI) to buy the company. The other big four auditors are advising the lenders on the sale process. In July 2011, Isolux Corsan had won 35 years of the contract to build and operate a power transmission network in UP across 1,600 km. The company took loans of Rs 3,100 crore from local lenders to finance the project, but due to its financial crunches, it ended up filing for bankruptcy. The Indian lenders had acquired the local facility and approached NCLT to begin sale processes to recover the loans. Image Source Also read: EESL awards orders worth Rs 538 cr to Tata Power

Next Story
Resources

Madhya Pradesh Champions Inclusive Tourism at Heritage Sites

On the occasion of World Heritage Day, Madhya Pradesh is taking a significant step toward inclusive tourism by making its historical sites accessible to all — especially persons with disabilities. The state is rolling out its ‘Accessibility Infrastructure and Development’ project at Maheshwar, Mandu, Dhar, and Orchha, aiming to create a more welcoming experience at these iconic cultural destinations.The initiative, under the leadership of Chief Minister Dr Mohan Yadav and Tourism Minister Shri Dharmendra Bhav Singh Lodhi, includes infrastructure upgrades such as ramps, Braille signage, w..

Next Story
Resources

Runwal Realty Onboards Sonam Kapoor as Brand Ambassador

Real estate major Runwal has unveiled a refreshed identity as Runwal Realty, signalling a renewed commitment to crafting spaces that stand the test of time. With this refresh, the brand unveils its new philosophy: “Building for Generations to Come” and welcomes Bollywood star and global fashion icon Sonam Kapoor as its brand ambassador. This evolved identity reflects Runwal Realty’s commitment to creating not just homes, but heirlooms—crafted through visionary design, meticulous planning, global design expertise and an unwavering focus on quality. With the customer at its core, each de..

Next Story
Infrastructure Urban

Emerging Trends in Infrastructure and Transport 2025: KPMG

KPMG’s latest report, The Great Reset: Emerging Trends in Infrastructure and Transport 2025 edition, sheds light on the profound changes transforming the global infrastructure landscape. As industries adapt to the challenges posed by climate change, economic pressures, and technological advancements, the report identifies key trends and provides actionable insights for leaders in infrastructure and transport sectors. “In today’s interconnected world, the lack of standardized supply chain practices is not just an operational challenge—it’s an environmental and economic one. We’..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?