Adani Power to Acquire GVK Energy; LOI Issued

Adani Power Limited (APL) has received a Letter of Intent (LOI) from the Resolution Professional of GVK Energy Limited (GVKEL) to acquire the company. GVKEL is currently undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code. The Committee of Creditors (COC) of GVKEL approved APL's resolution plan. GVKEL owns a 330 MW hydroelectric power plant in Uttarakhand through its subsidiary Alaknanda Hydro Power Company Limited. The acquisition is subject to approvals from the National Company Law Tribunal and other regulatory authorities.