Hiranmaye Energy's ₹1,300 crore assets up for grabs

11 Oct 2024 , 01:24 PM

According to various news reports, eight corporations are vying for the acquisition of Hiranmaye Energy, a thermal power producer situated in Kolkata.

Three 150 mw units, two of which are operational and one of which is under construction, are owned by Hiranmaye Energy, a company that is currently facing corporate insolvency. For two 300 mw operations, the reserve price of ₹1,300 crore works out to ₹4.33 crore per megawatt.

These companies include Sanjiv Goenka’s CESC, Vedanta, and Naveen Jindal’s Jindal Power. The company’s assets will be put up for auction by lenders in the middle of October. A reserve price of ₹1,300 crore has been established by them.

According to the aforementioned reports, Hindustan Power, Shyam Sel and Power, Orissa Metaliks, Rungta Mines, and Damodar Valley Corp are among the other businesses that have expressed interest.

Out of the eight bids, Shyam Sel & Power made the highest offer, ₹1,200 crore. The company does not receive ₹200 crore in cash as part of the deal.

In addition to having a coal procurement agreement with Coal India, Hiranmaye Energy also signed a 25-year power purchase agreement with the West Bengal government in 2017. The plant was planned and constructed by BHEL. By the end of August, the company had eight resolution plans in place, compared to thirty-one expressions of interest in July.

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