Adani Power adds Reliance Power’s former unit to its string to acquisitions
Adani Power Ltd was closer to obtaining the bankrupt Vidarbha Industries Power LTD, a former subsidiary of Reliance Power LTD, and added to a list of troubled but strategically positioned power assets because it made an effort towards its goal.
On June 18, the National Company Law Court Adani Power LaThe 4,000 Crore resolution plans to buy VIPL after shook his head in February by the creditor committee of the troubled company in February.
Adani Power aims to increase the capacity of 17.55 GW power production, including a 40 MW solar project in Gujarat by 2030, which makes the largest private sector in the country until 2030.
With the latest acquisition, Adani Power will take control of the 600 MW thermal power plant consisting of two 300 MW units in VIPL’s Nagpur, Butibori. The facility has a long -term power purchasing agreement with the Maharashtra government of 308.5 MW, which provides stable cash flows and future scaling potential.
VIPL agreement follows Adani’s last Dahanu Power purchases ( La815 Crore), Lanco Amarkantak Power and Coastal Energy ( La3.330.88 Crore) underlines the group’s strategy to increase growth.
On Thursday, June 19, Adani Power shares dropped 3.2% LaEach of them was 533.20 in NSE, Nifty 50 remained stable and only 18.80 points in the midst of geopolitical tensions due to increasing Israeli-Iran conflict.
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VIPL’s bankruptcy
Vidarbha Industries power was bankrupt in September 2024 after the CFM Asset Restructuring under the Bankruptcy and Bankruptcy Law (IBC).
On February 24 this year, Adani Power said that VIPL lenders on the stock exchanges approved the plan to revive the letter of intent and the requirements of the required regulatory approvals.
Adan Power, Capri Global Holdings, CESC LTD, Hindustan Thermal Projects, Jindal Power, JSW Energy, NTPC LTD, Orissa Metalliks, Vedanta Ltd and Shriniwas Spax industry, including a successful solution that attracted a successful solution.
Adani Power will pay within the scope of approved plan La4,000 crore against the total obligations accepted La6,753 Crore.
The presence of Adani was directed to complete the payment during the prescribed time period. NCLT’s Mumbai Bank, on June 18, “Decision Applicant, within the scope of the decision plan within the scope of the period, the whole amount of the amount of the amount of time to be lost to pay the amount of decision plan.” He said.
According to the plan, financing, stock, debt, preference shares or elasticity of increasing capital through foreign commercial borrowings and appropriate subsidiaries will be regulated by internal accruals or financing.
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Reliance Power’s output
VIPL was initially founded as a special purpose tool by Reliance Power to develop a 600 MW thermal power plant in Butibori under a privilege from Marashtra Industrial Development Corporation. The project was later transformed into an independent power project.
In September 2024, Reliance Power announced that VIPL was no longer a side organization after settling La3,872 CRORE Expanded Corporate Guarantees for its own name.
As a part of the agreement on CFM asset restructuring, all relevant obligations were released and 100% of VIPL shares were promised in favor of CFM. The VIPL had later defailed loans from Axis Bank and Indian State Bank purchased by the CFM Arc.
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