Buoyed by the winning bid for Lanco’s Teesta VI, State-owned NHPC will bid for Jal Power Corporation’s Rangit hydro project in Sikkim, which is undergoing insolvency proceedings, NHPC Chairman and MD Balraj Joshi said. The Rangit Stage IV 120 MW project is a stressed asset and is undergoing insolvency proceedings in the National Company Law Tribunal (NCLT).
Earlier this month, the CCEA approved NHPC’s proposed acquisition of Lanco Teesta Hydro Power in Sikkim at a bid out price of Rs 907 crore. The total investment approval for the project is Rs 5,748.04 crore which includes Rs 907 crore bid amount.
