DVC Seizes Opportunity: Wins Bid for Hiranmaye Energy

DVC has successfully acquired assets of Hiranmaye Energy Limited with a winning bid of Rs 1,500 crore. This strategic move marks DVC's first acquisition, enhancing its installed capacity to around 6,700 MW. The acquisition followed a corporate insolvency resolution process initiated by REC Ltd due to debt default.

In a significant power sector development, the Damodar Valley Corporation (DVC) triumphed in the asset auction for Hiranmaye Energy Limited, securing the winning bid at Rs 1,500 crore. Known for its greenfield and brownfield expansions, this marks DVC's inaugural acquisition, boosting its installed capacity to an impressive 6,700 MW.

Previously associated with Indian Power Corporation Ltd, Hiranmaye Energy is a thermal power entity based in Haldia, West Bengal, with a capacity of 300 MW. The recent auction, concluding on Monday, saw DVC outbid competitors, with their offer surpassing the Rs 1,300 crore reserve price.

The acquisition follows Hiranmaye Energy's corporate insolvency proceedings initiated by REC Ltd under the Insolvency and Bankruptcy Code, citing a debt of Rs 2,500 crore. Although official disclosure details are pending, this development spotlights DVC's strategic move in the power sector.

(With inputs from agencies.)