Adani Power Ltd to acquire bankrupt Korba West Power

Adani Power Ltd (APL), a subsidiary of Adani Enterprises Ltd and a part of the Adani Group, said that it has received the Letter of Intent for the acquisition of Korba West Power Company Limited.

The development comes after the committee of creditors of Korba West Power, which is currently undergoing insolvency resolution process and under the control of the National Company Law Tribunal (NCLT), approved the resolution plan submitted by Adani Power Ltd.

The closure of the transaction will require approval from the NCLT, Ahmedabad, and the fulfillment of all conditions in the resolution plan, Adani said.

Korba West Power owns and operates a 600 MW thermal power plant in Raigarh district, Chhattisgarh.

The acquisition of Korba West Power will consolidate its position as India’s leading private sector thermal power producer, with a combined thermal power capacity of 11,040 MW, Adani Power said.

Headquartered in Ahmedabad, Adani Power Ltd is the India’s largest private power producer, with capacity of 10,440 MW and the largest solar power producer in India with a capacity of 688 MW.