Follow India Renewable Energy News on WhatsApp for exclusive updates on clean energy news and insights

Purvah Green Withdraws INR 5,750-Crore Bid for GVK Energy Amid Geopolitical Uncertainty

Purvah Green, a company under the RP Sanjiv Goenka Group, has pulled out of its Rs 5,750 crore resolution plan for GVK Energy, citing rising uncertainties linked to the ongoing conflict in West Asia. The move comes despite Purvah being the highest bidder in the insolvency process.

According to sources familiar with the matter, the decision reflects a broader strategy by the group to reassess investments and optimise costs in response to evolving global conditions. The Adani Group had submitted the second-highest bid at Rs 5,725 crore.

Purvah Green formally communicated its decision to lenders and the resolution professional, Venkata Chalam Varanasi, stating that it intends to pause its participation and withdraw the proposal. The company also requested that its plan not be presented before the committee of creditors and sought a refund of its Rs 20 crore earnest money deposit.

GVK Energy, part of the GVK Group, is currently undergoing insolvency proceedings since May 2025, with total admitted claims amounting to Rs 14,281 crore. A key asset driving interest in the company is Alaknanda Hydro Power Company, which operates the 330 MW Shrinagar hydroelectric project in Uttarakhand and has a power purchase agreement with the Uttar Pradesh government.

Purvah Green had initially submitted its bid in November 2025, later revising it in early March 2026 shortly after tensions escalated in West Asia. In its communication, the company highlighted that the current geopolitical environment has impacted investor sentiment and prompted large organizations to rethink their strategic priorities.

Citing these challenges, Purvah stated that it is in the process of reshaping its investment approach. Given the uncertainty and shifting industry dynamics, the company has opted to step back from the resolution process for now.

Both Purvah Green and the Adani Group did not respond to queries regarding the development.