Got all approvals to bid for Lanco’s Teesta-VI project within 3 months: NHPC chief

With Lanco’s 500-MW Teesta hydropower project under its umbrella, NHPC has become the first PSU to win an asset under the insolvency resolution framework.

After clearance from the stressed asset’s Committee of Creditors (CoC), Power Ministry and Union Cabinet, NHPC’s resolution plan for the Lanco project was approved by the Hyderabad Bench of the National Company Law Tribunal Bench last Friday.

The project is strategically important for NHPC, as it has other projects that are impacted by its operations. NHPC had emerged as the highest bidder with a bid amount of ₹907 crore. The investment proposal was approved by the Cabinet Committee on Economic Affairs on March 7.