NTPC, the country’s largest power utility, plans to acquire only those stressed power projects undergoing insolvency proceedings in the National Company Law Tribunal (NCLT) to grab better deals.“NTPC has decided to go slow on expansion of its capacity addition through acquisition of stressed power assets. The company is now looking at only those projects which would go under hammer as part of the insolvency process,” a source told PTI.
Earlier the company was also interested in acquiring the projects through negotiations with project developers because the government wanted to resolve the issues of beleaguered assets. “Now, the company is looking at NCLT route as it would help the NTPC to acquire these projects at higher discounts,” he added. All insolvency deals so far in the NCLT have got discounts of up to 70 per cent or even more from secured creditors.
