GVK Energy Bidding Attracts 21 Companies, Including Adani, JSW, and Jindal

The race to acquire GVK Energy Ltd has intensified, with 21 companies, including Adani Group, JSW Neo Energy, Jindal Power, Vedanta, Torrent Power, and Sarda Energy, submitting expressions of interest as the firm undergoes insolvency proceedings, as per news reports.

Bids From Major Power Players

GVK Energy, originally promoted by GVK Power & Infrastructure Ltd (GVKPIL), has attracted significant interest from leading energy and infrastructure giants. Its financial creditor, IDBI Bank, had dragged the company to the National Company Law Tribunal (NCLT) over unpaid dues of about ₹1,106 crore, as per news reports. 

The tribunal admitted the insolvency plea on 6 May 2025, noting that as guarantor, GVK Energy was liable for the loans defaulted by its parent company.

A detailed invitation for expressions of interest was issued on 7 July 2025 and was later extended until 24 August 2025. The bidders include household names from the sector, with Sarda Energy stating its acquisition interest aligned naturally with its growing power vertical.

Financial Distress and Parent Company’s Troubles

GVK Energy is a subsidiary of GVKPIL, which itself is under corporate insolvency resolution. ICICI Bank had approached the tribunal against GVKPIL, leading to its admission into insolvency on 12 July 2024.  At the time, NCLT assessed liabilities at nearly ₹15,576 crore, including ₹9,463 crore of principal, ₹6,113 crore of interest, and ₹1.23 crore in agency fees.

GVK Energy provides round-the-clock operation and maintenance services for Alaknanda Hydro Power Company Ltd. The Hyderabad bench of the tribunal, in its May ruling, emphasised that a guarantor must step into the debtor’s shoes once the principal borrower fails to repay, regardless of separate resolution for the parent company.

Read More: Adani Ports Subsidiary Acquires Dependencia Logistics for ₹37.77 Crore!

Conclusion

With multiple heavyweight players eyeing GVK Energy, the resolution process could reshape the competitive landscape in India’s power sector. The eventual acquisition is expected not only to resolve significant debts but also to integrate the company’s assets into the expanding portfolios of one of India’s energy majors.

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