Adani Power Ltd announced that they have received approval from the National Company Law Tribunal (NCLT) Hyderabad Bench for its Rs 4,101 crore resolution plan to acquire Lanco Amarkantak Power Ltd. 

This acquisition is a part of Lanco Amarkantak Power Ltd’s ongoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC).

In its regulatory filing, the company said, “this is to inform that National Company Law Tribunal, Bench at Hyderabad (NCLT), has placed on its website on 22 August22 August, 2024, its order dated 21 August21 August, 2024, approving the resolution plan submitted by Adani Power Ltd for acquisition of LAPL, a company undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code.”

Lanco Amarkantak Power owns and operates a 600-megawatt (MW) thermal power plant in Chhattisgarh, which aligns perfectly with the company’s core business of power generation. 

Most of the power generated from Phase-I capacity is provided to Haryana and Madhya Pradesh DISCOMs under long-term Power Purchase Agreements via Power Trading Corporation Ltd. 

The company has secured 2.784 MMT of fuel through a long-term agreement with South Eastern Coalfields Ltd (SECL), a Coal India Ltd subsidiary. 

Additionally, a 2×660 MW expansion under Phase II is in progress. Upon completing the acquisition, Adani Power’s operational capacity will rise to 15,850 MW, with the acquisition expected to finalise by 20 October October 2024, following NCLT approval.

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