Bidders have submitted financial offers in the range of INR 26 billion- INR 30 billion for South East U.P. Power Transmission Company Limited, according to sources. All four offers will be taken up for negotiation simultaneously by lenders this week, the sources said. Four bidders " The Tata Power Company Limited (BSE:500400), Adani Enterprises Limited (BSE:512599), Power Grid Corporation of India Limited (BSE:532898) and Sterlite Power Transmission Limited" have submitted binding bids for the transmission company, ET had reported on August 23, 2021.

Tata Power has made a bid through its arm Resurgent Power Ventures. The highest bidder among the contenders has submitted a conditional offer, which is why negotiations are being held with all the bidders, according to a person in the know. Typically, in bankruptcy cases, the creditors negotiate with the highest bidder, loosely termed H1 bidder, before talking to other contenders.

The lenders could recover upwards of 70% of their dues based on the range in which financial offers for the company have been made, the sources said. Tata Power “doesn't comment on specific projects or opportunities,” a spokesperson said. The firm continues to explore and evaluate various growth opportunities, including in the transmission space.

“As indicated earlier, the company is looking at both greenfield and M&A transmission opportunities directly as well as through its stressed asset platform, Resurgent Power Ventures,” the spokesperson added. Adani, Sterlite and Power Grid Corporation of India were yet to respond to ET's emailed queries sent on September 6, 2021. Sterlite declined to comment on whether it had bid for the firm in response to a previous set of queries sent to them on August 20, 2021.