Tata Power, Adani Power, Sterlite Power and Powergrid submit bids for UP transmission company

Tata Power Limited (Tata), Adani Power Limited (Adani), Sterlite Power Transmission Limited (Sterlite) and Power Grid Corporation of India Limited (Powergrid)have submitted binding bids to buy South East UP Power Transmission Company.

The major shareholder of the transmission company, Isolux Corsan has filed for bankruptcy. Isolux Corsan had won a 35-year concession to build 1,600 km of transmission line network in UP of which lines and substations within a 600 km stetch near Aligarh are operational. Of the remaining, a third of the works is complete. Torrent Power, Megha Engineering, RECPDCL and a sovereign wealth fund had also submitted expressions of interest (EoI). However, not all of them finally bid for the project.

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