Adani Group is very close to buying a new power company. NCLT has now approved this proposed deal. Adani Group will do this deal for more than Rs 4 thousand crore.
Hyderabad Bench Of NCLT Gave Approval
Adani Group’s power company, Adani Power, informed the stock markets in an exchange filing about getting approval from NCLT. It said that the Hyderabad Bench of the National Company Law Tribunal (NCLT) had given the green signal to the plan presented to acquire Lanco Amarkantak Power Limited under the insolvency resolution process.
Adani Group Presented Such A Big Bid
Lanco Amarkantak has dues of Rs 15,633 crore. Adani Group has bid more than Rs 4 thousand crore to buy it. In November 2023, Adani presented an offer of Rs 3,650 crore for Lanco Amarkantak. Later, Adani revised his offer and presented a final offer of Rs 4,100 crore in December.
Jindal’s Company Was Out Of The Race
In the race to buy Lanco Amarkantak Power Limited, Adani Power faced tough competition from Naveen Jindal’s company, Jindal Power. Jindal Power also presented a bigger bid than Adani in its plan. Jindal’s offer was more than Rs 4,200 crore. Still, Naveen Jindal’s company suddenly dropped out of the race to buy Lanco Amarkantak in January this year, making it easier for Adani Power to complete the deal.
This Is Why Lanco Amarkantak Is Special
Apart from Adani and Jindal, Mukesh Ambani’s Reliance Industries and Power Finance Corporation-led group also bought Lanco Amarkantak. Lanco Amarkantak Power Limited is a power company facing financial crises. With the completion of this deal, Adani Power’s capacity will increase to 15,850 MW. Lanco Amarkantak has a 600 MW plant in Chhattisgarh. The company also has power purchase agreements with states like Haryana and Madhya Pradesh.
