Adani Power Gets Creditor Nod For Acquiring Insolvent Lanco Amarkantak

Adani Power Ltd. has received approval for its resolution plan to acquire insolvent Lanco Amarkantak Power Ltd.

The committee of creditors of Lanco Amarkantak, which is undergoing a corporate insolvency resolution process, has approved the resolution plan, an exchange filing said on Tuesday.

On March 4, the Adani Group company received a letter of intent from the resolution professional.

Lanco Amarkantak owns and operates a 2x300 MW thermal power plant at Pathadi village in Korba district of Chhattisgarh. The phase-1 capacity is tied up with Haryana and Madhya Pradesh distribution companies, under long-term supply pacts. The company is also setting up a 2x660 MW (1,320 MW) expansion capacity under Phase-2.

The implementation of the resolution plan is subject to terms of the LoI and requisite approvals from regulatory authorities, it said.

According to earlier reports, Reliance Industries Ltd. and a consortium led by Power Finance Corp. opted not to participate in the auction of the debt-ridden power company.

Shares of Adani Power rose as much as 0.53% before paring loss to trade 0.09% higher at 11:51 a.m., compared to a 0.36% decline in the benchmark Nifty 50.

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