Statkraft is first MNC to buy bankrupt Indian power company under IBC
POWER & RENEWABLE ENERGY

Statkraft is first MNC to buy bankrupt Indian power company under IBC

According to court documents analysed, Statkraft, the largest renewable energy company in Europe, is on track to become the first multinational corporation (MNC) to acquire an Indian power company through the insolvency and bankruptcy code (IBC) process after the national company law tribunal (NCLT) approved its Rs 1.80 billion offer for Lanco Mandakini Hydro Energy.

Statkraft, with its headquarters in Norway, competed for the Lanco division against Biocon-backed Ampyr Energy, ReNew Power, a division of the state-owned NTPC, and European renewable energy giant Statec. On the website of the Insolvency and Bankruptcy Board of India, Bhrugesh Amin is also named as the resolution professional for Aparant Iron and Steel Ltd, Icomm Tele Limited, and Panyam Cements and Mineral Industries Limited.

A group of creditors lead by Axis Bank is owed Rs 13 billion by Lanco Mandakini Hydro Energy. They had given the business loans to disperse. The debt relief strategy proposed by Statkraft has received universal approval. The Lanco division owns an incomplete hydroelectric power project close to the Uttarakhand pilgrimage centre of Kedarnath. In 2013, flash floods largely wrecked the plant. Bank loans for the unit were subsequently in default.

According to court documents analysed, Statkraft, the largest renewable energy company in Europe, is on track to become the first multinational corporation (MNC) to acquire an Indian power company through the insolvency and bankruptcy code (IBC) process after the national company law tribunal (NCLT) approved its Rs 1.80 billion offer for Lanco Mandakini Hydro Energy. Statkraft, with its headquarters in Norway, competed for the Lanco division against Biocon-backed Ampyr Energy, ReNew Power, a division of the state-owned NTPC, and European renewable energy giant Statec. On the website of the Insolvency and Bankruptcy Board of India, Bhrugesh Amin is also named as the resolution professional for Aparant Iron and Steel Ltd, Icomm Tele Limited, and Panyam Cements and Mineral Industries Limited. A group of creditors lead by Axis Bank is owed Rs 13 billion by Lanco Mandakini Hydro Energy. They had given the business loans to disperse. The debt relief strategy proposed by Statkraft has received universal approval. The Lanco division owns an incomplete hydroelectric power project close to the Uttarakhand pilgrimage centre of Kedarnath. In 2013, flash floods largely wrecked the plant. Bank loans for the unit were subsequently in default.

Next Story
Technology

We’re building robots that flow, not just move

Founded in 2021, Flo Mobility is reimagining construction automation with vision-AI robots designed for seamless movement through complex sites. In conversation with CW, Manesh Jain, Founder & CEO, discusses the company’s origin, its LiDAR-free tech stack, and expansion plans in the Middle East and US.What inspired the name Flo Mobility? Why ‘Flo’ and not ‘Flow’?When we started the company in 2021, our focus was on building autonomous navigation systems for robots. Since our work centred around robot movement, ‘mobility’ naturally became part of the name. We wanted to co..

Next Story
Real Estate

We’re committed to setting benchmarks in sustainable luxury living

From a landmark land acquisition in Boisar to ambitious launches across the Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Bengaluru and Pune, Birla Estates is driving future-ready growth with a strong focus on sustainability, partnerships and premium living, firmly anchored in its LifeDesigned® philosophy. K T Jithendran, Managing Director & CEO, outlines the company’s premium, sustainable growth playbook in conversation with PRATAP PADODE, Editor-in-Chief, CW. Excerpts:Birla Estates recently acquired a 70.92-acre land parcel in Boisar, Maharashtra, for..

Next Story
Infrastructure Urban

Mumbai’s land crunch and ageing homes call for structured renewal

Founded in 2022, Etonhurst Capital Partners is a real-estate fund management platform focused on the Indian market. As the firm achieves the first close of Rs 1.8 billion for its debut Rs 5 billion fund, Bamasish Paul, Co-founder, Managing Partner & CEO, discusses its sharp focus on redevelopment-driven value creation in Mumbai’s urban core with CW. Excerpts:Etonhurst Capital has achieved a significant milestone with the first close of Rs 1.8 billion for its Rs 5 billion fund. What factors contributed to this early success and how do you plan to attract further investments to r..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?