Tata Power highest bidder for UP Transco with ₹3,000-crore offer
Tata Power NSE 1.11 % has emerged the highest bidder for South East UP Power Transmission Company, beating four other bidders with a ₹3,000-crore offer to buy the transmission firm under insolvency process, multiple people aware of the matter told ET. Tata Power had submitted a final bid on October 30 through its subsidiary Resurgent Power Ventures.
Adani Group, Anil Agarwal’s Sterlite Power, Power Grid Corporation of India Ltd and REC Power Development and Consultancy had also submitted final bids.
“We are going ahead with the Tata bid as it is the best offer,” an executive involved in negotiations on behalf of the lenders consortium that is in control of the company told ET on condition of anonymity.
