New Delhi, Feb 24 Adani Power Limited (APL) on Monday said it has received a Letter of Intent (LOI) to acquire Vidarbha Industries Power Limited.
The power firm was selected as the successful resolution applicant under the Corporate Insolvency Resolution Process (CIRP) of Vidarbha Industries Power Ltd.
The Committee of Creditors approved Adani Power’s resolution plan, as confirmed by the Adani Group company in its stock exchange filing.
"The Committee of Creditors of Vidarbha Industries Power, a company undergoing Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code 2016, has approved the Resolution Plan submitted by Adani Power," APL said in the filing.
The firm further added that APL received a Letter of Intent from the Resolution Professional (RP) on February 24, 2025, in this regard.
The completion of this acquisition will depend on the necessary approvals from the National Company Law Tribunal (NCLT), Mumbai, and other regulatory authorities.
The resolution plan will be implemented in accordance with the terms mentioned in the LOI and applicable legal requirements.
Vidarbha Industries Power owns and operates a 2x300 MW thermal power plant in the MIDC Industrial Area of Butibori in Nagpur.
Adani Power reported a 7.4 per cent growth in net profit at Rs 2,940 crore in Q3 FY25, compared to Rs 2,738 crore in the same period last fiscal (FY24). Consolidated EBITDA for Q3 FY25 was higher by 23 per cent at Rs 6,185 crore compared to Rs 5,009 crore in Q3 FY24, supported by higher one-time income.
Earlier this month, Crisil Ratings upgraded its rating on the long-term bank facilities of Adani Power Ltd (APL) to 'Crisil AA/Stable' from 'Crisil AA-/Positive'. The global credit rating agency has also assigned its 'Crisil AA/Stable' rating to Rs 11,000 crore proposed non-convertible debentures (NCDs) of Adani Power.
Global brokerage firm Jefferies also initiated coverage on Adani Power Limited (APL), with a buy rating and target price of Rs 660, indicating an upside of 30 per cent from current levels.
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