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

04 Apr 2023 CW Team

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.

Infrastructure Urban

13 Mar 2026

Implementation Status of Jal Jeevan Mission

Since August 2019 the Government has implemented Jal Jeevan Mission to provide assured potable water through household tap connections in rural India. At the start of the mission only 32.3 million (mn) rural households, representing 16.7 per cent, were reported to have tap water connections. States and union territories have reported that 125.8 mn additional rural households have since been provided with tap connections. As a result, of about 193.6 mn rural households roughly 158.2 mn, or 81.71 per cent, are reported to have tap water supply at home.\n\nThe State, district and village level st..

Jal Jeevan Mission Reaches Eighty One Per Cent Rural Coverage

The Government reported substantial progress under the Jal Jeevan Mission, launched in August 2019 to provide tap water to every rural household. At launch only 32.3 million (mn) rural households had tap connections and states and Union territories reported provision of 125.8 mn additional households by March 2026. Consequently, out of about 193.6 mn rural households around 158.2 mn, or 81.71 per cent, are reported to have tap water at home. The Finance Minister announced extension of the mission until 2028 in the 2025-26 budget speech. The Swachh Bharat Mission Grameen, launched in October 20..

Empowering Local Governance for Sustainable Rural Water Supply

The Ministry of Jal Shakti has aligned the Jal Jeevan Mission (JJM) with the 73rd Amendment to strengthen village level planning and community ownership of water supply. Gram Panchayats, village water and sanitation committees and Pani Samitis are to plan, implement, manage and maintain piped water systems, with gram sabha processes formalising handover and oversight. Implementation support agencies including non government organisations, community based organisations and self help groups have been empanelled to train local committees and promote women participation. Under JJM, the department ..