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

30 May 2026

Dreamfly Named Among 100 Desi Deeptechs

Dreamfly Innovations has been recognised among the ‘100 Desi Deeptechs’, an initiative by Startup Policy Forum in collaboration with MeitY Startup Hub, Startup India and Indian Institute of Technology Madras. The initiative highlights founders and companies building core technologies critical to India’s long-term growth and self-reliance.The cohort includes startups working across drones and aerospace, defence technology, cleantech, robotics, semiconductors, advanced manufacturing and electric mobility. It aims to bring deeptech founders and policymakers together to strengthen India’s ..

Vedanta Secures AA+ Rating from ICRA

Vedanta Group has received its highest domestic credit rating in over a decade after ICRA upgraded the long-term ratings of Vedanta Limited and Vedanta Aluminium Metal Limited to AA+ with a Stable outlook. Talwandi Sabo Power Limited was also upgraded to AA-/Stable from A+/Watch Developing, while the group’s short-term rating was reaffirmed at A1+.The rating action marks Vedanta’s highest domestic credit rating since 2014. Vedanta Limited and Vedanta Aluminium Metal Limited, two of the largest entities emerging from the demerger, together account for over 75 per cent of the group’s long-..

Netrasemi Launches Edge AI Chip A2000

Fabless semiconductor startup Netrasemi has launched its flagship Edge AI system-on-chip, A2000, after achieving successful silicon bring-up. Fabricated at TSMC’s 12 nm technology node, the chip is designed for on-device AI, smart vision, real-time video analytics and secure edge computing.A2000 features Netrasemi’s in-house Neural Processing Unit, Vision Processing Unit, Image Signal Processor, crypto engines and other hardware acceleration IP cores. It also uses the company’s patented heterogeneous graph-stream parallel processing architecture.The chip targets applications such as smar..