An Adani Power Ltd. consortium has completed the acquisition of Tamil Nadu-based Coastal Energen Pvt. for Rs 3,330.88 crore, as per the resolution plan approved by the National Company Law Tribunal.
CEPL has been amalgamated with special purpose vehicle, Moxie Power Generation Ltd., as per the plan. Consequently, CEPL stands dissolved without winding up and accordingly the SPV will continue to exist as the surviving entity, according to an exchange filing on Saturday.
The successful acquisition and implementation of the resolution plan for acquisition of CEPL will advance Adani Power's position as India's leading private sector power producer, with a combined power generation capacity of 17,050 megawatt, the company said.
The resolution plan involves an upfront payment of Rs 3,330.88 crore to financial creditors in cash and Rs 4.64 crore to operational creditors.
Adani Power holds 49% stake in the consortium.
CEPL owns and operates a 1,200-MW thermal power plant located at Tuticorin, Tamil Nadu. The plant currently supplies 558 MW to state distribution company, TANGEDCO, under long term power purchase agreement.
Last month, Adani Power received approval from the NCLT to acquire insolvent Lanco Amarkantak Power Ltd. for Rs 4,101 crore. The deal is slated for completion within 60 days, with a target date of Oct. 20, following the NCLT's approval.
Lanco Amarkantak operates a 600-MW thermal power plant in Chhattisgarh's Korba district, supplying electricity to Haryana and Madhya Pradesh under long-term power purchase agreements.
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