+
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.

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

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

Related Stories

Gold Stories

Next Story
Products

Interio by Godrej launches modular workplace solutions

Interio by Godrej has launched Workscapes, a modular workplace solutions category designed to help organisations configure and adapt workspaces to changing requirements. The portfolio combines mobile and compatible furniture and support elements that can be rearranged across different work modes without changes to fixed layouts.Workscapes includes Collaboration Tables, Privacy Solutions, Mobile Markerboards and Space Dividers, Power Solutions, Storage and Support Elements, Meeting and Presentation Tools, and Seating Elements. The range is designed for focused work, collaboration, informal disc..

Next Story
Infrastructure Urban

CAFE-III Gives Auto Industry Investment Clarity

The government’s new Corporate Average Fuel Economy (CAFE-III) norms have provided the automobile industry with a clearer framework for technology investments, according to industry representatives. The framework seeks to balance environmental objectives with flexibility for manufacturers while encouraging the adoption of flex-fuel vehicles and biofuels. Society of Indian Automobile Manufacturers (SIAM) President Shenu Agarwal said the five-year framework would give automakers greater predictability to plan investments and accelerate innovation. He said the regulation established annual targ..

Next Story
Infrastructure Energy

Mines Ministry to Auction Two Offshore Mineral Blocks in Andaman Sea

The Ministry of Mines will launch an auction of two offshore mineral blocks in the Andaman Sea on Thursday, seeking to unlock India’s offshore mineral potential and strengthen long-term mineral resource security. The blocks will be offered under a composite licence, which permits exploration and development activities in accordance with the applicable regulatory framework. The ministry said the auction was intended to encourage systematic exploration, attract investment and promote the use of advanced technologies for offshore mineral exploration and development. The initiative is also aimed..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code