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

Next Story
Products

Viva ACP Launches FR A1-Rated Honeycomb Panels for Fire Safety

Viva, Asia’s largest manufacturer and supplier of aluminium composite panels (ACP) introduced its FR A1-rated Honeycomb Panels, setting a new industry benchmark for fire safety and architectural excellence. Engineered to deliver exceptional performance, these panels combine advanced fire-resistance technology with aesthetic versatility, offering a revolutionary solution for safety-critical environments.The FR A1 rating represents the highest standard of fire resistance under the European Standard EN 13501-1, signifying non-combustibility and zero contribution to fire, smoke, or toxic emissio..

Next Story
Real Estate

Almal Real Estate Expands into Commercial, Global Markets

Almal Real Estate Development is soon to announce its upcoming expansion into new verticals and international markets as part of its strategic growth plans for 2030. The company, known for its innovative luxury residential and hospitality developments, is preparing to diversify into the commercial sector with the introduction of The Smart Space, a network of business centers in UAE featuring five-star amenities. Additionally, Almal is entering new markets in Bali and Thailand as a community developer, focusing on villa and townhouse projects.The expansion into the commercial real estate sector..

Next Story
Infrastructure Urban

NABARD Approves Rs 9.03 Billion for 127 Projects in Himachal

The Himachal Pradesh government has secured approval from the National Bank for Agriculture and Rural Development (NABARD) for 127 projects worth Rs 9.03 billion for the 2024-25 fiscal, Chief Minister Sukhvinder Singh Sukhu announced. During a meeting with MLAs from Kangra, Kullu, Kinnaur, Solan, Chamba, Bilaspur, and Lahaul-Spiti districts to discuss priorities for the 2025-26 budget, Sukhu said the approved projects include 50 MLA-priority schemes under the Public Works Department, valued at Rs 4.12 billion, and 23 MLA-priority schemes under the Jal Shakti Vibhag, costing Rs 1.79 billio..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?