Adani Power has received a letter of intent (LoI) for acquisition from the resolution professional of Vidarbha Industries Power Ltd (VIPL), which is undergoing insolvency proceedings under the Insolvency and Bankruptcy Code 2016. The announcement was made in an exchange filing on February 24.
The Committee of Creditors (CoC) for VIPL approved Adani Power’s resolution plan, paving the way for the acquisition. VIPL is a power company headquartered in Maharashtra and is owner and operator of 600 MW (2×300 MW) Butibori, Nagpur, MIDC Industrial Area thermal power plant.
According to Adani Power, the transaction is subject to clearances by various regulators, including by the National Company Law Tribunal, Mumbai, and legal authorities.
Following the revelations, Adani Power’s stock declined 1.23 percent to Rs 472.75 on February 24 at 1:30 PM on NSE.
Adani Group’s New Investments in Madhya Pradesh
Meanwhile, Adani Group chairman Gautam Adani made new announcements of investments of over Rs 1.10 lakh crore in Madhya Pradesh, stating that they would provide employment to over 1.2 lakh jobs by 2030.
Speaking at GIS 2025, Adani made several announcements that the Group is in talks for additional projects with the state government, such as a greenfield smart city, an airport, and a plant for gasification of coal, and is likely to invest an additional Rs 1,00,000 crore.
Adani emphasized that expansion of the Group in Madhya Pradesh is by no means complete, pointing to future expansion and investment plans in the state.
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Source: Moneycontrol.
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