Krishnapatnam port operator Navayuga Engineering and state-run Sikkim Power Investment Corporation have submitted binding bids for the Rs 15,000-crore planned hydro power project in Arunachal Pradesh that is undergoing insolvency proceedings.
The 1,750-mw project awarded by the Arunachal government to Athena Energy Ventures on a 40-year concession has been stalled due to incomplete forest clearances and insufficient funds.
Athena Energy owes Rs 550 crore to Indian Bank and Corporation Bank as working capital dues that the lenders were unable to recover from the former.
Navayuga’s bid is pegged at Rs 300 crore, said sources directly briefed on the matter. Sikkim Power Investment Corporation, the first state-run utility to participate in bidding for a bankrupt company, has offered a little over `250 crore, these sources said. Read More