Madrid-based Isolux Corsan had built lines and substations within a 600 km stretch near Aligarh. Now, out of the remaining infrastructure of around 1,000 km, about 30% has been completed so far.
April 03, 2021
Multinational conglomerate Adani Group and Torrent Group have submitted their expression of interest (EoI) to buy South East U.P. Power Transmission Company after its owner, Isolux Corsan, filed for bankruptcy in Spain and informed Indian lenders of its inability to continue to finance the local affiliate, according to sources.
As reported in a leading daily, the enterprise value of the local affiliate’s business is pegged at around 6,000 crore, they said.
Bidding is expected to intensify as Sterlite Power, Megha Engineering, and sovereign wealth funds are expected to participate in the process. The EoI deadline has been extended by one month to accommodate the late bidders, according to people in the know. The earlier deadline was March 5.
The transmission infrastructure is partially complete. The Madrid-based company has built lines and substations within a 600 km stretch near Aligarh, in Uttar Pradesh, which are already operational. Of the remaining infrastructure of around 1,000 km, about 30% has been completed.
Uttar Pradesh Power Corporation Limited, or UPPCL, which is the master discom in the state, pays South East U.P. Power Transmission Company for carrying the power, as per the terms of the concessions agreement.
