Over a dozen companies, including JSW Energy Limited (BSE:533148), Adani Power Limited (NSEI:ADANIPOWER), Vedanta Limited (NSEI:VEDL), and Torrent Power Limited (NSEI:TORNTPOWER), have expressed interest in acquiring GVK Energy Limited's 330 MW Alaknanda hydro power project in Uttarakhand. This interest follows GVK Energy's entry into insolvency proceedings in May, with the company owing INR 97,570 million to lenders. Phoenix ARC, the sole secured creditor, has claims of INR 13,510 million.
The expression of interest deadline has closed, with the final list of prospective applicants expected later this month. In a significant development in the energy sector, more than a dozen companies have shown interest in acquiring GVK Energy's 330 MW Alaknanda hydro power project located in Uttarakhand. This surge of interest comes in the wake of GVK Energy's insolvency proceedings, which began in May.
Key Bidders: The list of potential buyers includes some of India's major players in the energy sector: JSW Energy Limited (BSE:533148), Adani Power Limited, Vedanta Limited, Torrent Power Limited, Sarda Energy & Minerals Limited (BSE:504614), Jindal Steel Limited (NSEI:JINDALSTEL) and Jindal India Powertech Limited. GVK Energy's Financial Situation: GVK Energy's financial troubles have led to this potential sale: The company owes lenders INR 97,570 million in direct and indirect exposure across five subsidiaries. The Alaknanda hydro power project is GVK Energy's only remaining operational power plant.
