M&A

M&A

Tata, Adani, PowerGrid, Sterlite make Rs.2,600-3,000 Cr offers for Transco in UP

Economic Times  

Bidders have submitted financial offers in the range of INR 2,600-3,000 crore for South East UP Power Transmission Company that is undergoing bankruptcy proceedings because of the financial troubles of its majority shareholder, Madrid-based Grupo Isolux Corsan. All four offers will be taken up for negotiation simultaneously by the lenders. Four bidders — Tata Power, Adani, Power Grid Corporation of India and Sterlite — have submitted binding bids for the transmission company. Tata Power has made a bid through its arm Resurgent Power Ventures. Grupo Isolux Corsan had won a 35 year concession to build a power transmission network in Uttar Pradesh in 2011. The company had taken on loans of around INR 3,700 crore from local lenders to fund the construction of the transmission project. The construction stopped after GrupoIsolux Corsan filed for bankruptcy in Spain and the US.