Adani Power has received Committee of Lenders (CoC) approval for its resolution plan to acquire Vidarbha Industries Power Limited, a subsidiary of Anil Ambani's Reliance Power.
By Aniket Chakraborty
Feb 25, 2025
Following the news, Adani Power shares rose up to 2% to Rs 472.30 while Reliance Power shares fell by 2% to Rs 36.96.
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Adani Power received a Letter of Intent (LOI) from the Resolution Professional on February 24, 2025, confirming its selection as the successful resolution applicant.
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Vidarbha Industries Power owns and operates a 2x300 MW thermal power plant in the MIDC Industrial Area of Butibori in Nagpur.
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The acquisition's completion depends on approvals from the National Company Law Tribunal (NCLT), Mumbai, and other regulatory authorities.
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Vidarbha Industries Power is currently undergoing a Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code 2016.
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The resolution plan will be implemented according to the terms in the LOI and applicable legal requirements.
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Adani Power reported a 7.4% growth in net profit at Rs 2,940 crore in Q3 FY25, compared to Rs 2,738 crore in the same period last fiscal.
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Consolidated EBITDA for Adani Power in Q3 FY25 was higher by 23% at Rs 6,185 crore compared to Rs 5,009 crore in Q3 FY24.
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Gautam Adani has been expanding his business empire, with Adani Power Limited now having a market cap of Rs 1.82 lakh crore.