KWPCL owns and operates a 600 mega watt (MW) thermal energy plant in Raigarh district in Chhattisgarh
Adani Energy Monday stated it has been awarded a letter of intent to amass debt-laden Korba West Energy Firm.
“The corporate has been awarded the letter of intent (LOI) for Korba West Energy Firm Ltd (KWPCL). The Committee of Collectors of KWPCL, an organization present process insolvency decision course of below the Insolvency and Chapter Code, 2016, has accredited the decision plan submitted by Adani Energy,” Adani Energy stated in a BSE submitting.
The closure of the transaction shall be topic to acquiring the required approval from the NCLT, Ahmedabad, and satisfaction of the situations precedent below the decision plan, the corporate added.
KWPCL owns and operates a 600 mega watt (MW) thermal energy plant in Raigarh district in Chhattisgarh.
Adani Energy stated the profitable acquisition and implementation of the decision plan for acquisition of KWPCL will consolidate its place as India’s main non-public sector thermal energy producer, with a mixed thermal energy capability of 11,040 MW.
“Additional, this reaffirms Adani Energy’s credential in improvement and operation of greenfield tasks, and in addition efficiently turning round brownfield acquisitions,” the corporate stated.
Shares of Adani Energy had been buying and selling 0.80 per cent larger at Rs 50.15 apiece on BSE.