Adani Power Completes Acquisition Of Tamil Nadu-Based Coastal Energen
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.
Disclaimer: NDTV Profit is a subsidiary of AMG Media Networks Limited, an Adani Group Company.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
-
Everything, Everywhere, All At Once: Dalal Street's Week To Forget | Joining The Dots
Visa curbs, a Starlink spat and cancer drug caps: what connects this week's shocks for Indian markets
-
India Is Going Abroad For Critical Minerals. But It May Take Years To Pay Off | The Reason Why
Although India's steps are in the right direction, they remain modest compared with India's growing dependence.
-
When Everyone Has AI, What Gives You An Edge?
India's young workforce is entering an uncertain world of work where powerful AI tools are becoming widely accessible. The advantage will belong to those who combine deep expertise with digital fluency, and the distinctly human capabilities that technology cannot manufacture.
-
Wrong Labels, High Pesticide Residues Holding Back Agri Exports | The Reason Why
India needs stronger domestic food-safety and labelling standards, with best practices becoming part of everyday business for farmers, traders and food companies.
-
India Is Easy To Enter, Harder To Attract | The Week In Whys
The question is no longer just whether India can attract companies and capital. It is how much value they create here, how deeply they invest, and whether India remains relatively attractive when they have plenty of other options.
