May 19, 2024 04:54 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Arvind Kejriwal to march with AAP leaders to BJP HQs tomorrow with an 'arrest' dare | Adhir Chowdhury won't decide, he will be axed if he doesn't...': Congress chief Mallikarjun Kharge on alliance with Mamata Banerjee | Swati Maliwal assault case: Arvind Kejriwal's aide Bibhav Kumar arrested by Delhi Police | DK Shivakumar offered me Rs. 100 crore to defame Modi: Arrested BJP leader G Devaraje Gowda on Karnataka sex scandal | Swati Maliwal assault case: New video shows AAP MP escorted out of Arvind Kejriwal's home
Adani Power gets creditors' consent to acquire Lanco Amarkantak Power
Photo courtesy: Wikipedia Commons

Adani Power gets creditors' consent to acquire Lanco Amarkantak Power

India Blooms News Service | @indiablooms | 06 Mar 2024, 12:04 am

Mumbai: Adani Power has obtained consent from creditors for its proposed acquisition of insolvent Lanco Amarkantak Power, the company said in a stock market filing.

This marks the thermal power producer's second acquisition in the current fiscal year, signaling its intent for robust capacity expansion.

The company has been issued a Letter of Intent by the resolution professional overseeing the acquisition of the Lanco unit. Notably, this asset has been part of the resolution process since 2019.

“The Committee of Creditors of Lanco Amarkantak Power has approved the resolution plan submitted by Adani Power,” it said.

Adani Power has not revealed the value of its bid.

Lanco Amarkantak Power, situated in the Korba district of Chhattisgarh, operates two 300 megawatt (Mw) thermal power units.

The asset holds a capacity of 600 Mw, secured through long-term power purchase agreements with the state distribution companies of Haryana and Madhya Pradesh.

This is Adani Power's second acquisition in the current fiscal year through the insolvency route.

In December of the previous year, the company, as part of a consortium, announced receiving a Letter of Intent (LOI) from the resolution professional of Coastal Energen for a bid valued at Rs 3,450 crore. Coastal Energen operates two 600 Mw power capacity units in Tamil Nadu.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.