PwC on Thursday invited resolution plans from prospective bidders for Essar Power MP on behalf of its lead lender, ICICI Bank. The power asset owes its consortium of lenders around Rs 5,300 crore.
“The consortium of lenders to Essar Power MP Limited plan to identify a resolution applicant for sale of company by effecting change in ownership and management control of the company owning a 1,200 MW (2×600 MW) coal-based thermal power project using sub-critical technology in the state of Madhya Pradesh,” the consulting firm said in a public notice.
The lending consortium to the project has appointed PwC as advisors for running the bid process and to invite resolution plans from investors or consortia of investors.
