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Patanjali Renewal Energy is among four bidders that are in the fray for Lanco Solar. Bagadiya Brothers, Kundan Gupta, and JC Flowers Asset Reconstruction Company are the other companies.
The companies will be carrying out due diligence on the beleaguered Lanco group company that manufactures solar panels and sets up rooftop solar projects. Four firms of the Hyderabad-based group — Lanco Teesta, Lanco Amarkantak, Lanco Kondapalli, and Lanco Solar — faced insolvency process after the group defaulted on payments.
Axis Bank had filed for insolvency against Lanco Kondapalli Power, an Andhra Pradesh-based gas-fired power project, and Amarkantak and solar companies. The last day for submission of bids for Lanco Solar was September 30. Resolution plans for the company will be submitted by November 16.
Lanco Solar was primarily in EPC and operation and management business for solar power plants and was the holding company of solar power. The company set up 100-Mw solar cell manufacturing plant.
Its integrated solar PV manufacturing project restarted in July 2015 with an investment of Rs 1,200 crore to manufacture poly-silicon refining and wafer plant and 150-Mw module plant. The project was set up in a 250-acre SEZ location in Rajnandgaon.
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