Adani Power To Acquire Two Power Projects Through NCLT
Adani Power Limited has informed that the board of directors of the company at its meeting approved the proposal for acquisition of the entire stake of:
♦ Korba West Power Company Limited ("KWPCL"), a company undergoing the corporate insolvency resolution process, pursuant to the provisions of the Insolvency and Bankruptcy Code, 2016 and the regulations made thereunder ("Code"), and in respect of which the Hon'ble National Company Law Tribunal, Ahmedabad ("NCLT") has issued orders approving the Resolution Plan submitted by Adani Power Limited ("APL" or the "Company") for KWPCL; and
♦ GMR Chhattisgarh Energy limited ("GCEL"), in respect of which consortium of lenders of GCEL, led by Axis Bank acting as Lead Lender ("Lenders"), have approved the Resolution Plan submitted by APL for GCEL and issued an LOI for the same to APL. Earlier, APL had submitted its Resolution Plan in response to an invitation issued on behalf of the Lenders of GCEL, seeking bids for the acquisition of controlling equity stake and restructuring of debt of GCEL.