Adani Power Clarifies On Lanco Amarkantak Acquisition: Resolution Professional Yet To Respond

Adani Power Ltd. has clarified that it has submitted a resolution plan for the acquisition of Lanco Amarkantak Power Ltd. but has still not received any communication from the Resolution Professional.

Media reports said that the Adani Group company emerged as the winning bidder to acquire the debt-ridden Lanco Amarkantak Power for Rs 4,101 crore. According to reports, the auction deal was finalised after the other bidders—Reliance Industries Ltd. and a consortium led by Power Finance Corp.—opted not to participate.

Adani Power submitted a resolution plan for the acquisition under the Corporate Insolvency Resolution Process but has not received any communication from the resolution professional, it said in an exchange filing on Friday.

The company's response came after the stock exchanges sought clarification on the development.

The company is committed to providing timely and accurate information to stock exchanges, it said.

Lanco Amarkantak Power, located near Pathadi Village on the Korba-Champa State Highway in Chhattisgarh, is a coal-fired, thermal-based project divided into two phases. Phase I has a total capacity of 600 MW, and Phase II has a capacity of 1,320 MW, according to the company's website.

Shares of Adani Power closed 0.72% higher at Rs 568.5 apiece on the BSE, as compared with a 0.23% advance in the benchmark Sensex.

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