Gautam Adani to Acquire Vidarbha Industries Power Limited from Anil Ambani’s Reliance Power

Adani Power Limited, a part of the Adani Group, has announced that it has received approval from the Committee of Lenders (CoC) for its resolution plan to acquire Vidarbha Industries Power Limited (VIPL), a subsidiary of Anil Ambani’s Reliance Power. This significant business development has created a buzz in the stock market.

*Rise in Adani Power Shares*

Following the news, Adani Power shares saw an intraday rise of up to 2%, trading at Rs 472.30, while Reliance Power shares dropped by 2%, trading at Rs 36.96.

*Details of the Acquisition*

Adani Power received the Letter of Intent (LoI) from the Resolution Professional (RP) on February 24, 2025. VIPL, which owns and operates a 2×300 MW (600 MW) thermal power plant at MIDC Industrial Area, Butibori, Nagpur, Maharashtra, is currently undergoing insolvency proceedings. The approval from the CoC marks a significant step towards the revival of VIPL.

Adani Power stated in its regulatory filing, “This approval is a significant step towards the revival of VIPL, which operates a 2×300 MW (600 MW) thermal power plant at MIDC Industrial Area, Butibori, Nagpur, Maharashtra. Successful execution of the resolution process is subject to the conditions in the Letter of Intent. In addition, it requires approval from the National Company Law Tribunal (NCLT), Mumbai, as well as other regulatory authorities, courts, or tribunals, as applicable under the relevant laws.”

*Implementation of the Resolution Plan*

The implementation of Adani Power’s resolution plan is contingent upon the terms of the LoI and requisite approvals, including from the National Company Law Tribunal, Mumbai. The CoC of VIPL has approved the resolution plan submitted by Adani Power, and the company has received a Letter of Intent from the Resolution Professional on February 24, 2025.

This acquisition aligns with Adani Power’s broader strategy to strengthen its position in the power sector by expanding its thermal power generation capacity. The successful implementation of the resolution plan will mark a significant milestone in the revival of VIPL and further solidify Adani Power’s presence in the industry.