In August 2020, it was announced by GVK Power that it and its subsidiaries involved in airport businesses had reached an agreement to cooperate with Adani Airport Holdings. At that time, Hyderabad-based GVK Power and Infrastructure, once the flagship of the GVK conglomerate, was undergoing insolvency proceedings. This development followed a prolonged decline in GVK's infrastructure and energy ventures, though the group continued to have interests in other sectors. GVK Power, listed in 2006, had been the repository of the conglomerate's key assets, including airports, highways, and power projects. By the end of FY23, its sole revenue-generating asset was a 330-megawatt Alaknanda Hydro Power plant located in Uttarakhand. The group was reportedly working on a succession plan and also held assets such as a significant stake in TajGVK Hotels, a shopping mall in Hyderabad, and a pharmaceutical venture. The company's debt issues had been accumulating over time. A year ago, in its FY23 annual report, GVK Power had expressed optimism about reaching a one-time settlement with its lenders, given its arrangement with Adani Airport Holdings. However, this settlement did not materialize. In July 2024, GVK Power and Infrastructure informed the exchanges that the Corporate Insolvency Resolution Process (CIRP) had been initiated by an order from the National Company Law Tribunal (NCLT) dated July 12. This insolvency process was triggered by ICICI Bank concerning a loan for an Australian coal project that failed to materialize. As GVK Power awaits a new buyer under the insolvency proceedings, there are concerns about the remaining value of the group and the listed entity. Ashish Pyasi, a partner at Aendri Legal, noted that challenges for the resolution of engineering, procurement, and construction (EPC) companies include saving ongoing projects and the limited value of tangible assets like office spaces and machinery. Pyasi also mentioned that for prospective buyers, the value of assets could be diminished if projects are terminated, and claims receivables and legal rights in pending litigations would be transferred. A senior corporate consultant, who wished to remain anonymous, commented that the sale of the airports to Adani marked the end of GVK's involvement in the airport sector and potentially signaled the end of its presence in the infrastructure and energy sectors. In August 2020, GVK Power had announced its cooperation with Adani Airport Holdings to bring in a strong financial investor, aiming to reduce a substantial portion of its liabilities. As of March 2023, the company?s net debt was reported to be Rs 5,504.3 crore. The consultant speculated about the possibility of the group re-emerging with a different scale and business focus. Although specific details were not disclosed, the market regulator Securities and Exchange Board of India (SEBI) indicated in a 2023 order that the group had established three family trusts for succession planning. These trusts, along with Shalini Bhupal and G Indira Krishna Reddy (both affiliated with the GVK group), collectively own about 49.47 percent of the listed entity TajGVK Hotels. India Ratings reported in June 2023 that TajGVK's management had confirmed its operations were independent of GVK Group companies, despite ongoing regulatory investigations at GVK. Additionally, the GVK group privately owns GVK One, a commercial real estate business with a shopping mall in Hyderabad. Reddy Ventures, chaired by GV Sanjay Reddy, is reported to invest across pharmaceuticals, data analytics, technology, and venture capital. It has a portfolio that includes Aragen, India's second-largest biopharmaceutical research firm, and Excelra, a data analytics business, along with 25 technology start-ups across various regions. Sanjay Reddy, son of GVK Reddy and part of the second generation of the GVK group, did not respond to text messages seeking comment.