Adani Power to buy Essar's 1,200 MW Mahan project

Adani Power on Wednesday said that it has got National Company Law Tribunal (NCLT) approval to acquire Essar Power's 1,200 MW thermal power project in Mahan, Madhya Pradesh.

NCLT, Principal Bench at New Delhi, in its order dated November 01, 2021, approved the resolution plan submitted by Adani Power Ltd for acquisition of EPMPL (Essar Power M P Ltd), a company undergoing insolvency resolution under the Insolvency and Bankruptcy Code, Adani Power stated in a BSE filing.

EPMPL owns a 1,200 MW thermal power plant in Singrauli District, Madhya Pradesh.

The acquisition shall be subject to satisfaction of conditions precedent mentioned under the Resolution Plan, it stated.

Earlier in June this year, Adani Power had emerged as the successful bidder for the Essar Power's 1,200 MW project.

According to industry sources, the deal size of the project is estimated at around Rs 2,800-3,000 crore.

Photograph: Amit Dave/Reuters