Blitz Bureau
NEW DELHI: Adani Power Limited (APL) has been granted a Letter of Intent (LOI) to acquire Vidarbha Industries Power Limited as part of the Corporate Insolvency Resolution Process (CIRP).
The company was selected as the successful resolution applicant under the CIRP, with the Committee of Creditors approving Adani Power’s resolution plan. The Adani Group firm confirmed this development in a regulatory filing. “The Committee of Creditors of Vidarbha Industries Power, which is undergoing insolvency proceedings under the Insolvency and Bankruptcy Code, 2016, has approved the Resolution Plan submitted by Adani Power,” APL stated in its filing. Following this approval, Adani Power received the LOI from the Resolution Professional on February 24. However, the completion of the acquisition remains subject to necessary approvals from the National Company Law Tribunal (NCLT), Mumbai, and other regulatory bodies.
Meanwhile, Adani Power recently reported a 7.4 pc increase in net profit for Q3 FY25, reaching Rs 2,940 crore compared to Rs 2,738 crore in the same period last year. The company’s consolidated EBITDA also saw a 23 pc rise to Rs 6,185 crore in Q3FY25 from ₹5,009 crore in Q3FY24.
