The Gujarat government has set up a panel to suggest within two months a rescue plan for three large generation projects belonging to the Tata, Adani and Essar groups in the state, with combined PPA (power purchase agreements) for over 8,000 MW and outstanding debts in excess of Rs 22,000 crore.
Tata Sons chairman N Chandrasekaran will present his five-year vision plan for the group’s larger listed companies, updates of various mergers and acquisitions, and progress on the creation of different business verticals at a two-day board meeting starting Tuesday in London.
Tata Steel, which bought Bhushan Steel, the bankrupt promoter of power company Bhushan Energy, is now the sole bidder in the fray for the latter too, said two people familiar with the development.
The Maharashtra State Electricity Distribution Company has awarded the 1,000 mw of floating solar capacity on the Ujjani Dam
Essar Steel’s insolvency resolutionprocess is poised at a crucial juncture with fresh bids likely to be invited for the steel company, but the Tata and Vedanta groups are unlikely to join the bidding fray.
Adani Group, Waaree Group, Vikram Solar and Tata Power Solar are among the top few domestic solar manufacturers who would stand to benefit from the abolition of 5% customs duty on solar tempered glass as announced in the budget.
At least four firms, namely Greenko Group, Tata Power, Adani Group and Torrent Power, have evinced interest in acquiring Central Electricity Supply Utility of Odisha (CESU), said two people aware of the development.
Adani Power, JSW Energy and Tata Power have submitted bids to acquire a majority stake in GMR Infrastructure 1,370-mw power plant in Chhattisgarh. Sources said state-run Neyveli Lignite did not submit its bid for the project. Neyveli had earlier held talks with the lenders for acquiring acontrolling stake in the project.
The Congress recently alleged that the BJP government in Gujarat had let four private companies -Adani, ESSAR, Tata and China Light Power – to “squander” Rs 26,000 crore of the public exchequer. The Opposition claimed that the ruling party had purchased electricity from these four companies at “unimaginably high rates” in a “huge power purchase scam”.
Gujarat BJP Government Squandered Rs 26,000 Crore By Buying Electricity At High Rates From Adani, Essar, Tata And China Light Power: Congress
The Congress on Thursday alleged that the BJP government in Gujarat had let four private companies — Adani, ESSAR, Tata and China Light Power — to “squander” Rs 26,000 crore of the public exchequer by purchasing electricity from them at “unimaginably high rates” in a “huge power purchase scam” in the state.