Thermal power producer Adani Power (APL) acquired 100% equity of Lanco Amarkantak Power on Tuesday, with the approval of Competition Commission of India (CCI). The company aims to strengthen its capacity and reinforce its commitment to expanding its presence in the energy industry.
This is said to be Adani Power’s second acquisition in the current fiscal year via insolvency, based on multiple reports. Also, the reports add, in December 2023, the company, as part of a consortium, disclosed receiving a Letter of Intent (LOI) from the resolution professional of Coastal Energen for a proposal for ₹3,450 Crore ($414.1 million).
Lanco Amarkantak operates in India as a thermal power-producing company. The company is currently undergoing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code of 2016 (IBC), based on the report of the Press Information Bureau (PIB).
The thermal power company runs two 300-megawatt (MW) thermal power units in Chhattisgarh’s Korba region. The company has a 600 MW capacity under long-term power purchase agreements with the state distribution corporations of Haryana and Madhya Pradesh.
In March, Adani Ports and Special Economic Zone (APSEZ) acquired a 95% stake in Gopalpur Port (GPL), for an equity value of ₹3,080 Crore ($369.6 million).
At the point of conversion, $1 = ₹83.31
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