Adani Power to acquire Vidarbha Industries Power, once owned by Anil Ambani
Mumbai: Adani Power has received approval to acquire Vidarbha Industries Power Ltd (VIPL), a company that was previously owned by Anil Ambani’s Reliance Power, reported ET Now.
VIPL had been undergoing insolvency proceedings, and Reliance Power confirmed last year that it was no longer its subsidiary.
In a regulatory filing, Adani Power stated that the Committee of Creditors (CoC) of VIPL has approved its Resolution Plan for the acquisition.
The takeover remains subject to approval from the National Company Law Tribunal (NCLT), Mumbai, and other regulatory authorities.
"This is to inform that the Committee of Creditors (‘CoC’) of Vidarbha Industries Power Limited (‘VIPL’), a company undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code 2016 (IBC), has approved the Resolution Plan submitted by Adani Power Limited (‘APL’)," the company said in its filing.
Adani Power further stated that it received a Letter of Intent (LOI) from the Resolution Professional (RP) on February 24, 2025.
However, the company has not disclosed the financial details of the acquisition.
VIPL operates a 600 MW (2x300 MW) thermal power plant in the MIDC Industrial Area, Butibori, Nagpur, Maharashtra.
Meanwhile, Adani Power, which has a market capitalisation of Rs 1.91 lakh crore, saw its shares surge nearly 6%, closing at Rs 497.70 on the BSE on Tuesday (Feb 25).
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