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Adani, JSW, Vedanta Among Nine Bidders for GVK’s 330 MW Alaknanda Hydro Plant.                                                                                                                                   

Nine major players—including Adani Power, JSW Energy, Vedanta Group, Jindal Power, Torrent Power, Orissa Metaliks, Sarda Energy, Purvah Green Power, and Inox GFL—have submitted bids to acquire GVK Energy’s 330 MW Alaknanda hydropower plant, one of the few operational hydro assets with a functioning power purchase agreement. Bids are estimated between ₹3,000 crore and ₹4,000 crore. The subsidiary owes ₹11,187 crore to creditors, a majority of whom are unsecured lenders holding corporate guarantee–backed exposure. This makes the resolution process complex, as unsecured creditors form nearly 88% of admitted claims and must approve any final offer. Secured lenders include Phoenix ARC and two Kotak Alternate Asset Manager funds. Bidders are expected to value the asset against the high cost of constructing new hydro plants—₹4,300 to ₹5,300 crore—alongside tariff considerations. Resolution professional V. Chalarm Varanasi declined to comment, citing confidentiality.