Adani Power receives LoI to acquire Vidarbha Industries Power; stock down 1%

The Maharashtra-based power firm owns and operates a 2x300 MW (600 MW) thermal power plant located in MIDC Industrial Area, Butibori in Nagpur.

Adani Power on February 24 received a letter of intent (LoI) for acquisition from the resolution professional of Vidarbha Industries Power Ltd (VIPL), which is undergoing an insolvency process under the Insolvency and Bankruptcy Code 2016, the Adani group firm said in an exchange filing.

The Committee of Creditors of VIPL approved the resolution plan submitted by Adani Power, the statement said.

The Maharashtra-based power firm owns and operates a 2x300 MW (600 MW) thermal power plant located in MIDC Industrial Area, Butibori in Nagpur.

“The implementation of the resolution plan is subject to the terms of the LOI and requisite approvals from the National Company Law Tribunal, Mumbai and / or any other regulatory authority / courts / tribunal (as the case may be) under applicable laws,” the statement added.

The stock of Adani power reacted negatively to the development, with shares down 1.23 percent at Rs 472.75 on February 24 at 13:30 pm on NSE.

Adani Group Chairman Gautam Adani on Monday announced new multi-sectoral investments of over Rs 1.10 lakh crore for Madhya Pradesh that, he said, would create over 1.2 lakh jobs in the state by 2030.

Adani, who was speaking at MP Global Investors Summit (GIS) 2025, also said the Group is in discussions with the state government for a greenfield smart city, an airport project and a coal-gasification project that would involve an additional investment of Rs 1,00,000 crore.

The Group's journey in the state "is far from over", he asserted.

With agency inputs