Adani Power bags Essar Power's 1,200 MW Mahan Project
POWER & RENEWABLE ENERGY

Adani Power bags Essar Power's 1,200 MW Mahan Project

The country's largest power producer in the private sector, Adani Power (APL), emerged as the successful bidder for Essar Power's 1,200 MW thermal power project located in Mahan, Madhya Pradesh.

The Committee of Creditors has approved the Adani Power tender for the project. Adani Power will have to seek the NLCT approval to acquire the project that is undergoing insolvency proceedings.

On Friday, a BSE filing by Adani Power said that this is to notify that the Committee of Creditors of Essar Power M P (EPMPL), a company undergoing insolvency resolution under the Insolvency and Bankruptcy Code, has approved the resolution plan presented by Adani Power.

Additionally, it said that EPMPL has a 1,200 MW power plant in Singrauli district, Madhya Pradesh.

Following this approval, the Resolution Professional appointed by the National Company Law Tribunal, Delhi, has issued a letter of intent dated June 17, 2021, to the company, it said.

As per the industry sources, the deal size of the project is evaluated at around Rs 2,800 to Rs 3,000 crore. The closure of the transaction will be subject to receiving the necessary approval from the NCLT and fulfilment of conditions precedent under the resolution plan.

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Also read: Adani Green to purchase 5GW renewable assets of SB Energy India

Also read: Adani, ReNew, JSW, others invest Rs 1.67 lakh cr in Raj

The country's largest power producer in the private sector, Adani Power (APL), emerged as the successful bidder for Essar Power's 1,200 MW thermal power project located in Mahan, Madhya Pradesh. The Committee of Creditors has approved the Adani Power tender for the project. Adani Power will have to seek the NLCT approval to acquire the project that is undergoing insolvency proceedings. On Friday, a BSE filing by Adani Power said that this is to notify that the Committee of Creditors of Essar Power M P (EPMPL), a company undergoing insolvency resolution under the Insolvency and Bankruptcy Code, has approved the resolution plan presented by Adani Power. Additionally, it said that EPMPL has a 1,200 MW power plant in Singrauli district, Madhya Pradesh. Following this approval, the Resolution Professional appointed by the National Company Law Tribunal, Delhi, has issued a letter of intent dated June 17, 2021, to the company, it said. As per the industry sources, the deal size of the project is evaluated at around Rs 2,800 to Rs 3,000 crore. The closure of the transaction will be subject to receiving the necessary approval from the NCLT and fulfilment of conditions precedent under the resolution plan. Image Source Also read: Adani Green to purchase 5GW renewable assets of SB Energy India Also read: Adani, ReNew, JSW, others invest Rs 1.67 lakh cr in Raj

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