Bajaj Energy set to join list of power NPAs

Bajaj Energy has moved the court against the UP govt's move even as its 2,000 employees are now staring at the prospects of job loss

After Tata Power, Adani Power offered to sell their power plants for free to the Gujarat state electricity board, Bajaj Energy’s project is set to join the list of non-performing asset for the lenders. Bankers said the company has stopped operations after the new Uttar Pradesh government cancelled the power purchase agreement citing high power cost thus effectively shutting down the 450 mw plant.

“The cancellation of the power project in UP could lead to Rs 2,000 crore NPA (non-performing asset) for banks which had lent funds to the company. With the closure of the plant the project would lose close