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Adani Power and Jindal Power are reportedly considering participation in the bidding process for the acquisition of Hiranmaye Energy, a thermal power company recently admitted to corporate insolvency. The initiation of insolvency proceedings, prompted by a petition from REC, has drawn attention from potential acquirers. Hiranmaye Energy, formerly known as India Power Corp. (Haldia), holds significant loans totalling ₹2,000 crores, with REC and Power Finance Corp (PFC) being key lenders.
The company, which operates three units of 150 MW each in Haldia, Kolkata, is currently facing operational challenges, with only two units functional and one unit under construction. In 2017, it inked a 25-year power purchase agreement with the West Bengal government and a coal procurement agreement with Coal India. The plant was designed and constructed by BHEL.
To oversee the resolution process, the National Company Law Tribunal's Kolkata bench has appointed Bhuvan Madan as the resolution professional, with support from a team led by Pulkit Gupta, a partner at EY. Notably, the distressed power company has connections to Hemant Kanoria, the former promoter of Srei Infrastructure Finance and Srei Equipment, both of which underwent insolvency proceedings and were subsequently acquired by the National Asset Reconstruction Company (NARCL).
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