JSW Energy, Adani Power, Vedanta Among Bidders for GVK Energy's Hydro Power Asset

1 min read Updated on 08 Sept 2025, 06:15 AM

Reviewed by

Ashish TScanX News Team

AI Summary

Over a dozen companies, including JSW Energy, Adani Power, Vedanta, and Torrent Power, have expressed interest in acquiring GVK Energy's 330 MW Alaknanda hydro power project in Uttarakhand. This interest follows GVK Energy's entry into insolvency proceedings in May, with the company owing ₹9,757 crore to lenders. Phoenix ARC, the sole secured creditor, has claims of ₹1,351 crore. The expression of interest deadline has closed, with the final list of prospective applicants expected later this month.

*this image is generated using AI for illustrative purposes only.

In a significant development in the energy sector, more than a dozen companies have shown interest in acquiring GVK Energy's 330 MW Alaknanda hydro power project located in Uttarakhand. This surge of interest comes in the wake of GVK Energy's insolvency proceedings, which began in May.

Key Bidders

The list of potential buyers includes some of India's major players in the energy sector:

JSW Energy
Adani Power
Vedanta
Torrent Power
Sarda Energy and Mineral
Jindal Steel & Power
Jindal India Power

GVK Energy's Financial Situation

GVK Energy's financial troubles have led to this potential sale:

The company owes lenders ₹9,757.00 crore in direct and indirect exposure across five subsidiaries.
The Alaknanda hydro power project is GVK Energy's only remaining operational power plant.

Insolvency Proceedings

GVK Energy entered insolvency proceedings in May.
Phoenix ARC is the sole secured creditor, with claims amounting to ₹1,351.00 crore.
This represents 12.00% of the total claims after taking over loans from Edelweiss Finance.

Bidding Process

The expression of interest deadline closed on Saturday.
The final list of prospective applicants is expected to be released later this month.

This high level of interest in GVK Energy's Alaknanda hydro power project underscores the value placed on operational hydroelectric assets in India's evolving energy landscape. The outcome of this bidding process could potentially reshape the ownership structure of a significant power generation asset in Uttarakhand.