NHPC to acquire Lanco Infratech’s 500 MW Teesta hydropower project

NHPC Limited will acquire Lanco Infratech’s 500 MW Teesta hydroelectric project (HEP) in Sikkim, which was under insolvency proceedings, tentatively for a value of Rs 9 billion after emerging as the successful bidder. The takeover is expected to be completed in the next three to four months and the project is likely to be commissioned in the next three to four years, as almost 50 per cent of the construction is complete. Under the acquisition, NHPC will provide a bank guarantee of Rs 100 million to initiate the deal and the remaining payment will be made after the acquisition is approved by the National Company Law Tribunal.