Natural gas-based plant of Konaseema Gas Power to be auctioned on 20 June; reserve price fixed at Rs 227.61 crore

The 445 MW natural gas-based power plant of Konaseema Gas Power Limited (KGPL) is set to be auctioned on June 20, 2025, as part of the company’s liquidation process under the Insolvency and Bankruptcy Code (IBC). The auction notice, issued by the liquidator, will be published in newspapers on June 23, 2025, and interested bidders have until June 20 to submit their Earnest Money Deposit (EMD).

The reserve price for the asset is Rs 227.61 crore, with an EMD amount of Rs 5 crore. The auction will be conducted via the e-BKray platform at https://ibbi.baanknet.com.

Background

Konaseema Gas Power, incorporated on July 10, 1997, operates a 445 MW Combined Cycle Power Plant at Ravulapalem in Dr. B.R. Ambedkar Konaseema district (formerly East Godavari), Andhra Pradesh. The company had defaulted on financial obligations, prompting Industrial Development Bank of India (IDBI) to file an insolvency petition before the National Company Law Tribunal (NCLT), Hyderabad Bench. The tribunal admitted the petition on December 18, 2018, commencing the Corporate Insolvency Resolution Process (CIRP).

CA Sri Vamsi Kambhammettu was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP) by the Committee of Creditors (CoC). Despite efforts, a resolution plan could not be finalized, and liquidation was approved by the CoC. Consequently, the NCLT ordered the liquidation of Konaseema Gas Power on February 20, 2020, and appointed CA Sai Ramesh Kanuparthi as the liquidator.

Asset Details

The assets up for auction are bundled under LOT-I and include:

• A 445 MW natural gas-based Combined Cycle Power Plant comprising:
  • Two Siemens V94.2 gas turbines (139.44 MW each),
  • Two Heat Recovery Steam Generators (HRSG),
  • One 166.60 MW steam turbine (manufactured by LMZ, Russia),
• A land parcel of 128.16 acres, including internal roads, pipeline corridors, and APTRANSCO towers,
• Factory buildings and all ancillary equipment at the site.

The land also includes a 1.73-acre common road area, providing public access to Jambavaipeta colony. This road has right-of-way obligations and must remain accessible to the public.

Next Steps

Interested bidders can inspect the auction notice published on June 23, and must complete EMD submissions by June 20. The auction will be conducted online on the e-BKray platform, and all relevant documentation, including asset details and bidding terms, will be available on the platform’s website.

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