Tata Power seeks UP Transco sale via Swiss challenge method
Tata Power NSE 0.42 % wants banks to use the Swiss challenge method for sale of South East UP Power Transmission Company, claiming it should be allowed to match the best offer because it had emerged as the highest bidder in a previous round, according to sources in the know. Tata had outbid Adani NSE -0.55 % and three other players, all of whom submitted bids on October 30.
However, banks set aside Tata’s earlier offer because of certain conditions unacceptable to them and are now considering a rebid, said sources.
Tata’s request may not be easy to implement as IBC regulations are silent on use of Swiss challenge as a method of bidding. Banks have sought legal opinion. Tata Power declined to comment.
