Gautam Adani gets key letter to acquire Anil Ambani's company, its business is...

Adani Power news: Indian billionaire Gautam Adani has been expanding his business empire. In this regard, his Adani Power Limited (APL), a Rs 1.82 lakh crore market cap company, has received a Letter of Intent (LOI) to acquire Vidarbha Industries Power Limited, a subsidiary of Reliance Power, Anil Ambani's Reliance Group firm. Vidarbha Industries Power is currently undergoing a Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code 2016. Vidarbha Industries Power owns and operates a 2x300 MW thermal power plant in the MIDC Industrial Area of Butibori in Nagpur.

Adani Power was selected as the successful resolution applicant under the CIRP of Vidarbha Industries Power. The Committee of Creditors has approved Adani Power's resolution plan, as confirmed by the Adani Group company in its stock exchange 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.

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Adani Power

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.

(With inputs from IANS)