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

Infrastructure Transport

07 Apr 2026

Tunnelling Begins for Thane, Borivali twin tunnel project

Tunnelling work has commenced for the 11.84-km Thane–Borivali Twin Tunnel, set to be India’s longest urban road tunnel, marking a key milestone in Mumbai’s infrastructure development.As per a post shared by Mumbai Metropolitan Region Development Authority on social media platform X, the tunnel boring machine (TBM) ‘Nayak’—the country’s largest single-shield hard rock TBM for an urban tunnel—was launched by Devendra Fadnavis on Tuesday. The event was attended by Eknath Shinde and Sunetra Pawar, among other dignitaries. A second TBM, ‘Arjuna’, is expected to be launched so..

Large Format Store Planned At M G Road Metro Station

M G Road station in Bengaluru is set to host the city’s first large-format commercial and experience space, with planning led by Bangalore Metro Rail Corporation Limited. BMRCL has invited proposals to develop and operate a central business district destination at the Purple?Pink Line interchange. The plan positions the station as a commercial hub designed to serve a broad commuter base across the city. The proposal is part of a broader effort to activate transit nodes commercially. Tender documents set a minimum monthly rental of Rs 0.944 million (mn), inclusive of GST, for the large-format..

Government Cancels Auction Of Eleven Critical Mineral Blocks

The government has cancelled the auction of 11 critical and strategic mineral blocks after receiving a poor investor response and failing to attract a sufficient number of qualified bidders. The decision represents a setback to plans to ramp up domestic exploration and production of critical minerals amid global supply chain disruptions and rising demand for materials used in clean energy and advanced technologies. The mines ministry issued an annulment notice setting out the reasons for the cancellations. The annulment notice indicated that the auction process for five mineral blocks was canc..