Tata Power and Adani Group have been asked to submit revised bids for South East Uttar Pradesh Power Transmission Company (SE-UPPTC) by the transco’s lenders. …
The two companies had submitted binding offers for the transco in August 2021 alongside three other bidders – Power Grid Corporation of India Limited, Sterlite Power and REC Power Development and Consultancy. Both of their offers were conditional on lenders securing reversal of a suspension order on a 1,600-km project the company is carrying out, imposed by the state power transmission authority for delays in completion. However, the lenders did not agree to this condition. Lenders including Bank of India, Axis Bank, Power Finance Corporation and Rural Electrification Corporation had wrested control of the transmission company from Spain’s Grupo Isolux Corsan after it defaulted on dues.