Adani Power gets Letter of Intent from NCLT Ahmedabad, for porposed acquisition plan of Chhattisgarh based Korba West Power Co

AHMEDABAD | MUMBAI | RAJKOT – In a regulatory update statement, Ahmedabad headquartered diversified business activities group company – Adani Power Ltd said of the Company been awarded the Letter of Intent (“LOI”) for M/s. Korba West Power Company Limited (“KWPCL”).

The Committee of Creditors of KWPCL, a company undergoing insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 (“Code”), has approved the Resolution Plan submitted by Adani Power Limited (the “Company” or “APL”).

Pursuant to this approval, the Resolution Professional appointed by the Hon’ble National Company Law Tribunal, Ahmedabad (the “NCLT”) has issued a LOI dated 6th April 2019 to the Company.

The closure of the transaction shall be subject to obtaining the necessary approval from the NCLT, Ahmedabad, and satisfaction of the conditions precedent under the resolution plan.

KWPCL owns and operates a 600 MW thermal power plant in Raigarh District, Chhattisgarh.

Successful acquisition and implementation of the resolution plan for acquisition of KWPCL will consolidate APL’s position as India’s leading private sector thermal power producer, with a combined thermal power capacity of 11,040 MW.

Further, this reaffirms APL’s credential in development e operation of Greenfield projects, and also successfully turning around
brownfield acquisitions.

For more details, please click the link, given here :