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Adani, Jindal, Vedanta Among Bidders for GVK’s 330 MW Alaknanda Hydropower Plant

Nine companies have submitted offers to acquire GVK Energy’s 330 MW Alaknanda hydropower project, an operational plant backed by a long-term power purchase agreement (PPA). The bidders include Adani Power, Jindal Power, Vedanta Group, Orissa Metaliks, JSW Energy, Torrent Power, Sarda Energy & Minerals, Purvah Green Power of the RP-Sanjiv Goenka Group, and Inox GFL Group. Initial bids are understood to fall in the Rs3,000–4,000 crore range.

The acquisition process is expected to be challenging as most lenders are unsecured creditors, having extended loans based on corporate guarantees to GVK’s subsidiaries. These unsecured creditors account for nearly 88% of the admitted claims, while Phoenix ARC and two Kotak entities are the primary secured lenders. Their differing priorities could complicate approval of a final resolution plan.

The Alaknanda plant, which began commercial operations in 2015, supplies 88% of its electricity to the Uttar Pradesh Power Corporation Ltd under a 30-year PPA valid until 2045. The project’s long-term revenue stability and the high current cost of building new hydropower plants are key factors attracting interest from major power sector players.