Adani Power Gets NCLT Nod For Acquiring Insolvent Lanco Amarkantak
The deal is slated for completion within 60 days, with a target date of Oct. 20, 2024, following the NCLT's approval.
Adani Power Ltd. has received approval from the National Company Law Tribunal to acquire insolvent Lanco Amarkantak Power Ltd. for Rs 4,101 crore.
The deal is slated for completion within 60 days, with a target date of Oct. 20, following the NCLT's approval, according to an exchange filing on Thursday.
Power Finance Corp., a financial creditor of Lanco Amarkantak, has submitted claims totaling Rs 3,186.4 crore, representing 21.8% of the total, according to the company's website.
Rural Electrification Corp. has a claim of Rs 2,929.5 crore, making up 20% of the total. IDBI Bank's claim of Rs 1,466.02 crore accounts for 10%.
Indian Overseas Bank's claim of Rs 1,226.7 crore has been fully admitted, comprising 8.4% of the total. Lastly, Axis Bank Ltd. claimed Rs 1,215.8 crore, with Rs 1,215.8 crore admitted and a minor amount of Rs 0.02 crore deemed not admissible, giving it a share of 8.3%.
This strategic acquisition is expected to solidify Adani Power's position as India's leading private sector power producer, boosting its total operational capacity to 15,850 megawatts.
Lanco Amarkantak operates a 600-MW thermal power plant in Chhattisgarh's Korba district, supplying electricity to Haryana and Madhya Pradesh under long-term power purchase agreements.
The company also holds a 2.784 MMT fuel supply agreement with South Eastern Coalfields Ltd., a subsidiary of Coal India Ltd., and is working on expanding its capacity by an additional 1,320 MW under phase-II development.
Shares of Adani Power closed 3.04% lower at Rs 673.85 per share, compared to a 0.18% advance in the BSE Sensex.
Adani Power Clarifies On Lanco Amarkantak Acquisition: Resolution Professional Yet To Respond
Disclaimer: NDTV is a subsidiary of AMG Media Networks Limited, an Adani Group Company.
