Multi-faceted business conglomerate Essel Group has taken another step towards its overall process of asset divestment. The group on Thursday said that it has signed an agreement with Adani Green Energy to sell 205 megawatt (mw) projects.
The operating solar assets of Essel Green Energy Pvt Ltd and Essel Infraprojects Ltd, located in Punjab, Karnataka and Uttar Pradesh, are being sold at an enterprise value of Rs 1,300 crore, the group said in a statement.
The National Company Law Tribunal (NCLT) has rejected the proposal of Essar Power Jharkhand to settle its dues to the lenders, led by ICICI Bank. The NCLT will take up the matter for further hearing on June 7.
ICICI Bank moved the NCLT in January 2018 to recover its dues. Essar Power Jharkhand owes creditors (operational and financial) a total of around `4,393 crore.
Essel Group is once again in market to sell its 685-MW solar power portfolio, this time on a piecemeal basis. The company is said to be in talks with Adani Power, Canadian Pension Plan Investment Board (CPPIB) after Actis Energy’s discussion to purchase the entire portfolio hit a valuation hurdle, people close to the development told FE.
ArcelorMittal has offered lenders Rs 4,800 crore for Essar’s 2×600 MW Mahan thermal power project in Madhya Pradesh, surpassing the Essar promoters’ one-time settlement offer of Rs 3,500 crore, a senior PFC official told FE.
Rajeev Sharma, chairman and managing director of PFC, which is one of the consortium lenders to Essar Power’s MP project, told FE, “We are in process of evaluating the offer.
A power surplus state till recently, Gujarat may witness a scorcher of a summer, with private power producers —Adani and Essar — discontinuing supply on account of paucity of coal. The situation forces the state to meet demand by procuring expensive power from energy exchanges and other sources. Gujarat Urja Vikas Nigam (GUVNL) has invited bids for procurement of 2,000 MW of power for April, May and June to meet rising demand.
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