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
Infrastructure Energy

REC Transfers HVDC Project to Power Grid

REC Limited has successfully handed over the Special Purpose Vehicle (SPV) for a High-Voltage Direct Current (HVDC) transmission project to Power Grid Corporation of India Limited (PGCIL). This strategic move aligns with the nation's objectives to strengthen its power transmission network. Key Highlights: Project Overview: The HVDC project, under the inter-state transmission system (ISTS) initiative, is a critical component of India's push toward robust and efficient electricity transmission. It aims to handle bulk power transfer across long distances while ensuring minimal losses. Role of RE..

Next Story
Infrastructure Transport

NF Railway Collaborates with IIT Guwahati

The Northeast Frontier (NF) Railway has signed strategic Memorandums of Understanding (MoUs) with IIT Guwahati to foster technological advancements and improve railway operations in the region. This partnership focuses on innovative solutions to enhance safety, efficiency, and sustainability in rail infrastructure. Key Highlights: Purpose of MoUs: The collaboration aims to leverage IIT Guwahati's expertise in technology and research for implementing cutting-edge solutions across railway operations. Key areas of focus include: Automation and digitization in maintenance. Sustainability initiati..

Next Story
Infrastructure Transport

Danapur Division Modernization Plans Revealed

The Railway Board has unveiled ambitious plans for the expansion and modernization of the Danapur Division, a critical hub under the East Central Railway. The initiative focuses on infrastructure development, enhanced passenger amenities, and operational efficiency. Key Highlights: Scope of Modernization: The Railway Board's blueprint emphasizes: Upgrading existing infrastructure to accommodate more passenger and freight traffic. Improving station facilities, such as platforms, waiting areas, and connectivity. Introducing advanced signal systems for safer and smoother operations. Freig..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000