Adani Power gets creditors' consent to acquire Lanco Amarkantak Power
Mumbai: Adani Power has obtained consent from creditors for its proposed acquisition of insolvent Lanco Amarkantak Power, the company said in a stock market filing.
This marks the thermal power producer's second acquisition in the current fiscal year, signaling its intent for robust capacity expansion.
The company has been issued a Letter of Intent by the resolution professional overseeing the acquisition of the Lanco unit. Notably, this asset has been part of the resolution process since 2019.
“The Committee of Creditors of Lanco Amarkantak Power has approved the resolution plan submitted by Adani Power,” it said.
Adani Power has not revealed the value of its bid.
Lanco Amarkantak Power, situated in the Korba district of Chhattisgarh, operates two 300 megawatt (Mw) thermal power units.
The asset holds a capacity of 600 Mw, secured through long-term power purchase agreements with the state distribution companies of Haryana and Madhya Pradesh.
This is Adani Power's second acquisition in the current fiscal year through the insolvency route.
In December of the previous year, the company, as part of a consortium, announced receiving a Letter of Intent (LOI) from the resolution professional of Coastal Energen for a bid valued at Rs 3,450 crore. Coastal Energen operates two 600 Mw power capacity units in Tamil Nadu.
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