Eminent Power, a subsidiary of CESC Limited, has emerged as the highest bidder to take over Chandigarh Electricity Department’s power distribution business for Rs 8.71 billion.
The company emerged a winner among six competitors, including Torrent Power, which bid at Rs 6.06 billion, NTPC, which bid at Rs 5.63 billion, and ReNew Power, which offered Rs 5.51 billion. Tata Power bid Rs 4.26 billion, while Adani Power offered Rs 4.71 billion. The lowest price was Rs 2.01 billion from Sterlite Power. After the central government announced the privatisation of discoms in Union Territories as part of its Atmanirbhar Bharat plan in May 2021, Chandigarh was the first union territory to issue a tender seeking bids to sell up its power distribution business. Other union territories are in varying phases of implementing privatisation proposals for power distribution utilities.