Punjab utility bids for GVK Power plant
Mumbai: Punjab State Power Corporation (PSPCL) has offered ₹1,080 crore to lenders to acquire GVK Power (Goindwal Sahib) that is undergoing corporate insolvency resolution, said people aware of the development. The offer from the state power distribution company equates to a 16% recovery of the claims filed by lenders with the resolution professional (RP).
Ravi Sethia, the RP backed by KPMG, did not respond to ET’s request for comments. He has admitted ₹6,584 crore in claims from 12 financial creditors.
