NCLT approves Adani Power to acquire Lanco Power for Rs 41.01 billion
POWER & RENEWABLE ENERGY

NCLT approves Adani Power to acquire Lanco Power for Rs 41.01 billion

Adani Power announced that the National Company Law Tribunal (NCLT) Hyderabad bench has approved its plan to acquire Lanco Amarkantak Power Ltd (LAPL) for an upfront payment of Rs 41.01 billion. LAPL, currently undergoing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, will be fully acquired by Adani Power, which will take 100% ownership for a cash consideration.

LAPL operates a 600 MW thermal power plant (2x300 MW) in Pathadi Village, Korba District, Chhattisgarh. The majority of the electricity produced from this plant is supplied to Haryana and Madhya Pradesh distribution companies under long-term power purchase agreements facilitated by Power Trading Corporation Ltd. LAPL also has a long-term fuel supply agreement with South Eastern Coalfields Ltd, a subsidiary of Coal India Limited, for 2.784 MMT of coal.

In addition to its current operations, LAPL is in the process of expanding its capacity with a 1,320 MW (2x660 MW) plant under Phase II. The acquisition by Adani Power is expected to be completed within 60 days from the NCLT's approval, by October 20, 2024.

The acquisition aligns with Adani Power's core business of power generation and will strengthen its position as India's leading private sector power producer, bringing its total operational generation capacity to 15,850 MW. (ET)

Adani Power announced that the National Company Law Tribunal (NCLT) Hyderabad bench has approved its plan to acquire Lanco Amarkantak Power Ltd (LAPL) for an upfront payment of Rs 41.01 billion. LAPL, currently undergoing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, will be fully acquired by Adani Power, which will take 100% ownership for a cash consideration. LAPL operates a 600 MW thermal power plant (2x300 MW) in Pathadi Village, Korba District, Chhattisgarh. The majority of the electricity produced from this plant is supplied to Haryana and Madhya Pradesh distribution companies under long-term power purchase agreements facilitated by Power Trading Corporation Ltd. LAPL also has a long-term fuel supply agreement with South Eastern Coalfields Ltd, a subsidiary of Coal India Limited, for 2.784 MMT of coal. In addition to its current operations, LAPL is in the process of expanding its capacity with a 1,320 MW (2x660 MW) plant under Phase II. The acquisition by Adani Power is expected to be completed within 60 days from the NCLT's approval, by October 20, 2024. The acquisition aligns with Adani Power's core business of power generation and will strengthen its position as India's leading private sector power producer, bringing its total operational generation capacity to 15,850 MW. (ET)

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?