MUMBAI — Purvah Green, an RP Sanjiv Goenka Group company, has officially pulled out of the race to acquire GVK Energy, citing significant geopolitical uncertainties stemming from the ongoing conflict in West Asia. The move halts a high-stakes insolvency resolution process for the debt-laden power firm.

Key Developments

• The Withdrawal: Purvah Green had submitted the highest bid of ₹5,750 crore but informed lenders it is "reshaping its investment strategy" due to the impact of the Gulf war on global fuel supplies and investor sentiment.
• The Contender: The Adani Group holds the second-highest offer at ₹5,725 crore, just ₹25 crore shy of the top bid.
• Strategic Asset: The primary interest lies in GVK’s 330 MW Shrinagar hydroelectric project in Uttarakhand, which maintains a long-term power purchase agreement with the Uttar Pradesh government.

Corporate Strategy Shift

The Sanjiv Goenka Group unit has requested a refund of its ₹20 crore earnest money deposit, advising the resolution professional not to put their plan to a vote. This "pause" reflects a broader trend of cost rationalization as large Indian conglomerates recalibrate their 2026-27 expansion plans amidst rising global energy volatility.