Tata, Adani set to bid third time for UP Power Transco

Tata and Adani NSE -0.25 % will go head-to-head for a third time in the hard-fought contest for South East UP Power Transmission Company after lenders called for another round of bids since the previous two rounds were inconclusive, people aware of the matter told ET.

Tata Power NSE 0.60 % had outbid Adani offering 100% recovery of loans of ₹3,700 crore to the lenders in the previous round. Adani’s bid was only marginally lower at the time. Tata’s bid was set aside because it was conditional. Tata and Adani had first submitted bids in August and then on October 30. The final round of bids is now due at the end of January.