Adani Power receives letter of intent for Vidarbha Industries Power acquisition

The creditors committee has greenlit the takeover.

Adani Power has received the letter of intent for its proposed acquisition of the Vidarbha Industries Power Limited (VIPL).

In a bourse filing, Adani Power said this development followed the committee of creditors' approval of the acquisition.

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

“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,” Adani Power said.