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Stressed Power Assets Find A Lifeline In Form Of Hindustan Power, Will Bid For Multiple Assets
Representative image (Kashik Roy/India Today Group/Getty Images)
Hindustan Power is looking to acquire stressed thermal power plants, Business Standard has reported. It will also bid for renewable power projects. The private power project had earlier expressed interest in Jhabhua Power Plant belonging Avantha Power. The firm has a total power capacity of 6,000 MW in hydro, thermal and solar power sectors.
“We will bid for multiple assets (that will undergo a resolution process under the Insolvency and Bankruptcy Code). There would be enough interest from bidders, but there won’t be any over-exuberance. We believe there will be rational bidding,” Chairman of Hindustan Power Ratul Puri told Business Standard.
Further, he said that the price discovery by bidders had happened outside National Company Law Tribunal (NCLT). He said the bid by the company could go down because there was a chance of cancellation of power purchase agreements with the power plants which are existing. In solar power, the chairman said that his company was looking for new projects.
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