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Resurgent PE in race for Avantha asset; four suitors for Essel’s transmission biz

Essel Infraprojects has shortlisted Tata Power, Sterlite Power, CLP India and Edelweiss Financial Services to sell its power transmission projects, The Economic Times reported citing people aware of the development.

Essel Infraprojects, part of the Subhash Chandra-led Essel Group, has four special purpose vehicles for the commissioned and under construction power transmission projects, with a valuation of around $1 billion, the ET report said.

Essel Group is in separate talks with renewable energy major Greenko Group to sell its solar business for $1 billion, the report added.

Jhabua Power bids

Jhabua Power Ltd, a subsidiary of Avantha Power and Infrastructure Ltd, has received expressions of interest from Adani Power, Resurgent Power Ventures, Edelweiss ARC and Phoenix ARC, a report in Mint stated, citing two people in the know.

Jhabua Power currently has 600 MW of thermal capacity fully operational and 660 MW under implementation, according to its website. The power plant is located at Seoni district in Madhya Pradesh.

The deadline for the binding offers will end in the first week of August, Mint reported.

Citing a person aware of the development, the report said the lenders also hold close to 61% of the company’s pledged shares which will be invoked once a bid is found to be successful.

Founded in 2005, Gurugram-based Avantha Power and Infrastructure is part of the Avantha Group, a business conglomerate led by Gautam Thapar.

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