New Delhi, Jul 30 (IANS): The National Company Law Tribunal's (NCLT) Hyderabad bench has approved state-run hydropower major NHPC's bid to acquire the insolvent Lanco Teesta Hydro Power Ltd (LTHPL) for an amount of Rs 897.50 crore, it was announced on Monday.

The original bid of Rs 907 crore was initially approved by the Committee of Creditors (CoC) of Lanco Teesta Hydro Power with 100 per cent vote and the present bid amount of Rs 897.50 crore, which takes into consideration the theft occurring at sitem, was approved by 97.34 per cent vote, an NHPC statement said.

"As per the approved resolution plan, NHPC would pay Rs 877.74 crore to the financial creditors and Rs 11.12 crore would go to the operational creditors of Lanco Teesta Hydro Power. NHPC will fund the project through a debt-equity ratio of 70:30," it said.

The hydropower major said that the project would be implemented at an estimated cost of Rs 5,748.04 crore (at July 2018 price level), which includes a bid amount of Rs 907 crore for acquisition and estimated cost of balance work of Rs 3,863.95 crore, which includes interest during construction (IDC) and foreign component (FC) of Rs 977.09 crore.

Earlier in March 2019, the Cabinet Committee on Economic Affairs (CCEA) had approved the proposal for NHPC to take over Lanco's 500 MW Teesta Hydroelectric Power Project in Sikkim.