Tata Power would be “very choosy” while bidding for the takeover of stressed power plants under the insolvency and bankruptcy code, a senior company official said on Wednesday. “We will focus only on plants with good equipment, long term power purchase agreements, fuel supply agreements and sustainable tariffs,” Praveer Sinha, chief executive officer, Tata Power, told FE.
According to sources, power plants already put up for sale by lenders include KSK Energy’s 3,600-MW Akaltara plant, GMR Chattisgarh’s 1,370-MW plant in Raikheda, Coastal Energen’s 1,200 MW Mutiara station, Meenakshi Energy’s 1,000-MW Nellore Andhra plant and Avantha Group’s 600-MW Jhabua unit.
In November, Tata Power had announced the acquisition of more than 75% stake of the stressed 1,980-MW Bara power plant. The acquisition was valued at more than Rs 9,000 crore (including tax liabilities).