Jindal Power, Vedanta, and CESC Compete for ₹1,300 Crore Hiranmaye Energy Power Assets in Insolvency Auction

Jindal Power, Vedanta, and CESC are among eight companies competing to buy Hiranmaye Energy, a thermal power company based in Kolkata. The company’s assets, worth ₹1,300 crore, are up for auction in mid-October as part of its corporate insolvency process. Several sources shared this information.

Other companies showing interest include Hindustan Power, Shyam Sel and Power, Orissa Metaliks, Rungta Mines, and Damodar Valley Corporation. Hiranmaye Energy owns three 150 MW units in Haldia, with two operational and one under construction. The reserve price of ₹1,300 crore for the two operational units (300 MW) translates to ₹4.33 crore per megawatt.

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Shyam Sel & Power has made the highest offer so far at ₹1,200 crore, though this doesn’t include ₹200 crore in cash held by the company.

Hiranmaye Energy has a 25-year power purchase agreement with the West Bengal government, signed in 2017, and a coal supply agreement with Coal India. The plant was designed and built by BHEL. Earlier this year, the National Company Law Tribunal (NCLT) appointed Madan Bhuvan as the resolution professional, supported by EY partner Pulkit Gupta.

The company’s verified debt claims amount to ₹5,291 crore, with REC, Power Finance Corp, and RBL Bank among its creditors.