National Company Law Tribunal gives nod to Adani Power to acquire Vidarbha Industries Power Ltd
VIPL is an unlisted public company incorporated on 27 December 2005.
National Company Law Tribunal, Bench at Mumbai has approved the Resolution Plan submitted by Adani Power Limited for acquisition of Vidarbha Industries Power Limited, a company undergoing Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code.
The acquisition comes with the payment of Rs. 4000 Crore.
VIPL is an unlisted public company incorporated on 27 December 2005. The registered office of the company is in Mumbai, Maharashtra. It has a domestic coal-based power plant with a capacity of 600 MW (2X300 MW) at the Butibori Industrial Area in Nagpur, Maharashtra.
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The object of the VIPL, being generation of power, is on the same line with the main line of business of the Company. With the Successful acquisition and implementation of the resolution plan for acquisition of VIPL, this will advance APL's position as India's leading private sector power producer, with a combined operating power generation capacity of 18,150 MW.
The acquisition is to be completed within 30 days from the date of NCLT’s approval order, i.e. by July 17, 2025.
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