Tata and Adani to bid for UP Power Transmission Co

22 Jan 2022 CW Team

Tata and Adani are set to bid for the South-East Uttar Pradesh Power Transmission Company for the third time.

Tata Power had outbid Adani, offering 100% loan recovery of Rs 3,700 crore to the lenders. Adani's bid was marginally low. However, Tata Power's bid was set aside because it was conditional. Tata and Adani submitted their first bid in August and then in October. The third round of bidding is set for January end.

Tata Power has requested the lenders to consider the Swiss challenge based on the fact that it was the highest bidder in the last round and should get a chance to match the best bid.

According to the sources, Vedanta Group company Sterlite Power, Power Grid Corporation of India and REC Power Development and Consultancy Limited (REC PDCL) also participated in the earlier round of bidding.

South-East UP Power Transmission Company's resolution professional, Shailesh Verma, invited companies to submit an Expression of Interest (EoI) to buy the company to prospective bidders. Total eight companies submitted EoI.

Other companies that submitted expression of interest (EoI) were Torrent Power, Megha Engineering, and a sovereign wealth fund.

South-East UP Power Transmission Company was accused of Insolvency and Bankruptcy Code (IBC) at the National Company Law Tribunal (NCLT) after it defaulted on loans to a group of lenders, including Rural Electrification Corporation (REC), Power Finance Corporation, Bank of India and Axis Bank.

The company witnessed financial issues after its owner Isolux Corsan filed for bankruptcy in Spain.

Isolux Corsan had won 35 years of concession to build and operate a power transmission network in UP across 1,600 km in 2011.

Image Source

Also read: Posco, Adani Group to set up $5 billion Mundra steel mill

Also read: Around 80% of creditors approve Adani's bid for Radius Estates

Building Material

18 Sep 2025

Ambuja Cements Drags JSW Cement to Court Over ‘Kawach’ Brand

Ambuja Cements, part of the Adani Group, has filed a trademark infringement case against JSW Cement in the Delhi High Court, alleging that its rival copied the ‘Kawach’ brand with its new product ‘Jal Kavach’.Justice Manmeet Pritam Singh Arora issued summons to JSW Cement and its subsidiary, JSW IP Holdings Pvt Ltd, while referring the matter to mediation. Hearings are scheduled to resume on October 15 if no settlement is reached.Ambuja, which registered the ‘Kawach’ trademark in 2019, argues that the term ‘Kavach’—meaning shield—is the distinctive feature of its branding. ..

Bentley Systems Named Innovation Partner of the Year 2025 by Afcons

Bentley Systems, the infrastructure engineering software company, has been recognised by Afcons Infrastructure Limited as its Innovation Partner of the Year 2025 at the Innovation Partners 2025 Felicitation Ceremony in Mumbai. The award acknowledges Bentley’s contribution to Afcons’ engineering digitalisation journey through an enterprise agreement providing access to over 250 Bentley engineering software tools. This adoption has enabled Afcons to accelerate project delivery, standardise digital workflows, and strengthen innovation across its infrastructure portfolio. Among key i..

SBI Sells 13.18% Stake in Yes Bank to Japan’s SMBC

State Bank of India (SBI) has completed the sale of a 13.18 per cent stake in Yes Bank to Japan’s Sumitomo Mitsui Banking Corporation (SMBC) for over Rs 8,889 crore. The divestment is part of a Rs 13,482 crore deal finalised in May with SMBC and seven private banks.Following the transaction, SBI’s shareholding in Yes Bank stands at 10.8 per cent. The deal, involving 4,134.4 million shares at Rs 21.50 each, is the largest cross-border transaction in the Indian banking sector.SBI Chairman C S Setty described the 2020 RBI-led rescue of Yes Bank as a pioneering public-private partnership, addi..