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Damodar Valley Corp to acquire bankrupt Hiranmaye Energy for Rs.1,500-Cr

NDTV Profit   Hiranmaye Energy  

Damodar Valley Corp (DVC), a public sector enterprise jointly owned by the Union Government as well the governments of West Bengal and Jharkhand, has acquired Kolkata-headquartered Hiranmaye Energy (formerly India Power Corp (Haldia)) for INR 1,500 crore. This marks DVC's first acquisition, adding to its total installed capacity of around 6,700 MW, achieved through greenfield and brownfield expansions.Hiranmaye Energy has been under the Corporate Insolvency Resolution Process since January, following a plea filed by REC Ltd with the Kolkata bench of the NCLT for defaulting on repayment of a INR 2,500 crore debt.