Adani Power receives LoI to acquire Vidarbha Industries Power
Author: PPD Team Date: February 26, 2025
Adani Power Limited received a letter of intent (LoI) from the resolution professional to acquire Vidarbha Industries Power Limited (VIPL) on 24 February 2025.
The acquisition is subject to the terms of the LoI and necessary approvals from the National Company Law Tribunal (NCLT), Mumbai, along with other regulatory authorities, courts, or tribunals as required.
VIPL, a wholly owned subsidiary of Reliance Power Limited (RPL), developed a 600 MW thermal power project in Nagpur, Maharashtra, with an investment of Rs 36.33 billion. The project consists of two units of 300 MW each.
In February 2025, IDBI Capital Markets & Securities Limited secured a contract worth Rs 4.98 million to serve as a transaction advisor for conducting detailed due diligence of VIPL for the Butibori Thermal Power Project.