Adani Power Ltd (“APL”) which is a subsidiary of Adani Enterprises Ltd and a part of the Adani Group has issued a public statement to the effect that has been awarded the Letter of Intent for the acquisition of Korba West Power Company Limited.
This development comes after the committee of creditors (“CoC”) of Korba West Power, which is currently undergoing insolvency resolution process and is 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 rbe subject to approval from the NCLT, Ahmedabad, and satisfaction of the conditions precedent under the resolution plan.
Korba West Power is the owner and operator of a 600 MW thermal power plant in Raigarh district of Chhattisgarh.
Adani Power Ltd, having its Headquarter in Ahmedabad is 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. The acquisition of Korba West Power will consolidate Adani position as India’s leading private sector thermal power producer, with a combined thermal power capacity of 11,040 MW.