Acquisitions24 Feb 2025, 03:53 pm
Adani Power Receives LOI for Acquiring Vidarbha Industries Power Limited
AI Summary
Adani Power Limited has received a Letter of Intent (LOI) from the Resolution Professional of Vidarbha Industries Power Limited, a company undergoing Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code 2016. The Committee of Creditors of Vidarbha Industries Power Limited has approved the Resolution Plan submitted by Adani Power Limited. The implementation of the resolution plan is subject to the terms of the LOI and requisite approvals from the National Company Law Tribunal, Mumbai and/or any other regulatory authority/courts/tribunal under applicable laws.
Key Highlights
- Adani Power Limited receives LOI from Resolution Professional of Vidarbha Industries Power Limited.
- Vidarbha Industries Power Limited is undergoing Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code 2016.
- The Committee of Creditors of Vidarbha Industries Power Limited has approved the Resolution Plan submitted by Adani Power Limited.
- The implementation of the resolution plan is subject to the terms of the LOI and requisite approvals from the National Company Law Tribunal, Mumbai and/or any other regulatory authority/courts/tribunal under applicable laws.
- Vidarbha Industries Power Limited owns and operates a 2x300 MW (600 MW) thermal power plant located in MIDC Industrial Area, Butibori, Nagpur, Maharashtra.