Four firms in race for $1 bn Essel Power transmission projects


Four firms in race for $1 bn Essel Power transmission projects

Tata Power, Sterlite Power, CLP India and Edelweiss Financial Services are in fray to acquire $1billion worth power transmission projects of Subhash Chandra-promoted Essel Infraprojects.

The four firms have been shortlisted for negotiations by Essel Infraprojects, which also plans to exit the solar business apart from transmission projects, people familiar with the development said. Adani Power and Greenko, which had earlier evinced interest, are out of race, they said.

“Essel Infraprojects has begun negotiations with the four bidders and meetings are lined up this week. Price bids have been called and will be opened soon,” an industry insider said.

A CLP India spokesperson said, “At CLP, as a policy, we do not comment on market speculation.” Sterlite Power declined to respond to ET’s query, saying it doesn’t comment on market speculation. Essel Infraprojects, Tata Power and Edelweiss Financial Services did not respond to ET’s queries at the time of going to press. Read More

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