Patanjali Renewal Energy among four bidders in fray for Lanco Solar

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.