Adani Power Limited informed the NSE today that the National Company Law Tribunal (NCLT) has approved the resolution plan for acquiring Essar Power’s Mahan Project Limited (EPML), a company undergoing insolvency resolution
EPMPL owns a 1,200 MW thermal power plant in the Singrauli district of Madhya Pradesh.
“In continuation to our letter dated June 18, 2021, this is to inform that the Hon’ble National Company Law Tribunal, Principal Bench at New Delhi, has placed on its website on November 02, 2021, its order dated November 01, 2021, approving the resolution plan submitted by Adani Power Limited for the acquisition of EPMPL, a company undergoing insolvency resolution under the Insolvency and Bankruptcy Code,” Adani Power said in a regulatory filing.
On June 19, 2021, Adani Power Ltd had emerged as the successful bidder for Essar Power MP Ltd, which owns a 1,200-MW power plant in Singrauli, Madhya Pradesh.
Essar Power’s Mahan power plant supplies power through the Mahan-Sipat transmission line. It is connected with a railway siding 18 km away from the plant to supply coal and other raw materials. Adani Power will shell out close to Rs 3,000 crore for the Mahan Project.
The acquisition shall be subject to the satisfaction of conditions precedent mentioned under the resolution plan.