Adani Power completes acquisition of Vidarbha Industries Power Ltd, aims for 30,670 MW capacity by 2030
VIPL was under the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC). The National Company Law Tribunal (NCLT) Mumbai Bench approved Adani Power's resolution plan on June 18, 2025. Subsequently, the plan was implemented on July 7, 2025.
With this acquisition, APL's operating capacity has increased to 18,150 MW, the group said.
'The acquisition of VIPL is a key milestone in Adani Power's strategy to unlock value through the turnaround of stressed assets. As we continue expanding our portfolio, we remain committed to supporting India's vision of 'Electricity for All' by delivering reliable, affordable base-load power that fuels the country's sustainable growth,' SB Khyalia, Chief Executive Officer of Adani Power Ltd., said.
The company is expanding its base load power generation portfolio through brownfield and greenfield projects. 'APL is constructing six 1,600 MW Ultra-supercritical power plants (USCTPP) at Singrauli-Mahan in Madhya Pradesh, Raipur, Raigarh, and Korba in Chhattisgarh, and Kawai in Rajasthan. It is also building a 1,600 MW greenfield USCTPP at Mirzapur, Uttar Pradesh. Additionally, APL is reviving construction of a 1,320 MW Supercritical power plant at Korba, which it acquired earlier,' the release further read.
It said that by 2030, APL's operational capacity will reach 30,670 MW, making it India's largest private base load power generation company.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
an hour ago
- Mint
Delhi HC directs competition regulator to review green channel nod for INSCO in HNGIL buyout
The Delhi High Court on Tuesday gave the anti-Trust regulator Competition Commission of India (CCI) 10 days to decide on packaging manufacturer AGI Greenpac's plea challenging its fast-track 'green channel' approval to Independent Sugar Corp. (INSCO), the Indian arm of Uganda's Madhvani Group, for acquiring Hindustan National Glass and Industries Ltd (HNGIL). Justice Sachin Datta's bench granted relief to AGI Greenpac, whose ₹ 2,752 crore approved plan was earlier quashed by the Supreme Court due to procedural lapses. AGI Greenpac approached the high court after the CCI allegedly did not consider its representation challenging INSCO's approval. On 4 June, Greenpac wrote to CCI urging it to withdraw the green channel clearance. Under this route, mergers and acquisitions with no competition concerns receive automatic approval without a detailed review. Greenpac contended that the approval breached Regulation 5A, which mandates joint filing by all parties seeking green channel clearance, whereas INSCO had filed on its own. It claimed this violation could negatively impact HNGIL and its creditors. HNGIL, India's largest container glass manufacturer, entered insolvency in October 2021under the Insolvency and Bankruptcy Code (IBC) after defaulting on loans exceeding ₹ 2,000 crore. The insolvency proceedings began in 2018 when HSBC Daisy Investments (Mauritius) Ltd filed a petition against HNGIL over unpaid dues exceeding ₹ 2,500 crore, leading NCLT Kolkata to admit the case and initiate bankruptcy proceedings. During the resolution process, AGI Greenpac and INSCO emerged as key contenders. AGI Greenpac's ₹ 2,752 crore plan was initially approved by NCLT and later by NCLAT in September 2023. However, INSCO challenged this before the Supreme Court. On 29 January, the Supreme Court quashed AGI Greenpac's resolution plan for failing to meet regulatory requirements. It also reversed NCLAT's order upholding AGI's plan and directed the CoC to reconsider resolution proposals to ensure full compliance with competition law. The Supreme Court ruling cleared the way for INSCO to make fresh attempts to acquire HNGIL. INSCO told the court it would match AGI's cash offer to financial creditors, increasing its total payout to ₹ 2,752 crore from the original ₹ 2,395 crore offer, thus enhancing creditor recovery to 58% from 49%. The HNGIL case has become another example of an approved resolution plan being set aside by the courts on procedural grounds, causing delays and bottlenecks in India's insolvency landscape. Recently, the Supreme Court also set aside the approved ₹ 19,000 crore JSW Steel resolution plan for Bhushan Power and Steel on the grounds of illegality in the plan, underscoring systemic hurdles. In a written reply to the Lok Sabha in December 2024, finance and corporate affairs minister Nirmala Sitharaman informed that insolvency-related matters account for the lion's share of NCLT's backlog. As of 31 December 2024, there were 12,351 pending insolvency cases out of a total pendency of 20,484 cases at NCLT. The remaining 8,133 cases were related to the Companies Act, 2013.
United News of India
2 hours ago
- United News of India
Adani Power acquires 600-MW VIPL Thermal Plant for Rs 4,000 Crore
Mumbai, July 8 (UNI) Adani Power Ltd officially announced here today that it has acquired the 600-MW coal-fired thermal power plant of Vidarbha Industries Power Ltd (VIPL) located at Butibori, in Maharashtra's Nagpur district, for Rs 4,000 crore, through the insolvency route. The development came after the Mumbai Bench of the National Company Law Tribunal (NCLT) approved a resolution plan for VIPL on June 18, according to the statement. After this acquisition, Adani Power Ltd has an operating capacity of 18,150 MW. The company plans to achieve its target of 30,670 MW capacity by 2029-30 and expand its base-load power generation portfolio through a mix of brownfield and greenfield projects. The company is presently engaged in constructing six brownfield ultra supercritical thermal power plants (USCTPP) of 1,600 MW each, at its existing locations in Singrauli-Mahan (Madhya Pradesh), Raipur, Raigarh and Korba (Chhattisgarh), as well as Kawai in Rajasthan, in addition to another 1,600 MW greenfield USCTPP at Mirzapur in Uttar Pradesh. The company is also setting up a 1,600-MW greenfield USCTPP in Mirzapur, Uttar Pradesh besides a 1,320 MW supercritical power plant at Korba, which it had acquired earlier. "As we continue expanding our portfolio, we remain committed to supporting India's vision of 'Electricity for All' by delivering reliable, affordable base-load power that fuels the country's sustainable growth," Adani Power Ltd CEO SB Khyalia said. UNI XC BM
Indian Express
3 hours ago
- Indian Express
Adani Power acquires 600 MW Vidarbha plant for Rs 4,000 crore, eyes major expansion by 2030
Adani Power Ltd (APL), India's largest private thermal power producer, on Tuesday announced the successful completion of the acquisition and implementation of the resolution plan for the 600 megawatt (MW) Vidarbha Industries Power Ltd (VIPL) for an aggregate consideration of Rs 4,000 crore. VIPL is a 2×300 MW domestic coal-fired power plant located in Butibori in Maharashtra's Nagpur district, Adani Power Ltd stated in a press release. The company was undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC). On June 18, the Mumbai bench of the National Company Law Tribunal (NCLT) approved Adani Power's resolution plan, following which it was successfully implemented on July 7, the release said. APL now takes its operating capacity to 18,150 MW with this acquisition. APL is further undertaking the expansion of its base load power generation portfolio through a mix of brownfield and greenfield projects. It is currently constructing six brownfield ultra-supercritical power plants (USCTPP) of 1,600 MW each at its existing locations at Singrauli-Mahan in Madhya Pradesh, Raipur, Raigarh, and Korba in Chhattisgarh, and Kawai in Rajasthan, in addition to a 1,600 MW greenfield USCTPP at Mirzapur in Uttar Pradesh. Apart from this, it is also reviving the construction of a 1,320 MW supercritical power plant at Korba that it acquired previously. With this, APL will cement its position as India's largest private base load power generation company with an operational capacity of 30,670 MW by 2030. 'The acquisition of VIPL is a key milestone in Adani Power's strategy to unlock value through the turnaround of stressed assets. As we continue expanding our portfolio, we remain committed to supporting India's vision of 'Electricity for All' by delivering reliable, affordable base-load power that fuels the country's sustainable growth,' said S B Khyalia, Chief Executive Officer, Adani Power Ltd.
