NHPC is expected to complete the takeover in the next three to four months and can finish the project in three to four years as its construction is almost 50 per cent complete, the official added.
Earlier in the day, NHPC also confirmed the development in a BSE filing.
"...NHPC Ltd has been declared as the successful resolution applicant by the committee of creditors of Lanco Teesta Hydro Power Ltd," it said.
However, the company said this would be subject to final approval by the National Company Law Tribunal (NCLT).
As per the procedure, the NCLT would call for objections on the deal before approving it. Once approved by the NCLT, NHPC would seek approval of the Public Investment Board and the Cabinet Committee on Economic Affairs.
The official also said the company would provide bank guarantee of Rs 10 crore to initiate the deal and make the remaining payment after all required approvals.
NHPC has installed generation capacity of 7071 MW while 3800 MW is under construction.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)