Adani Power on Thursday said the NCLT Hyderabad bench has approved its plan to acquire Lanco Amarkantak Power Ltd (LAPL) for an upfront payment of Rs 4,101 crore.
LAPL is undergoing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, a BSE filing said.
According to the filing, the acquisition shall be subject to the satisfaction of conditions precedent mentioned under the resolution plan.
Adani Power will acquire 100 per cent shareholding in the LAPL for a cash consideration, the filing said.
LAPL owns and operates a 2x300 MW (600 MW) thermal power plant (Phase-I) at Pathadi Village in Korba District of Chhattisgarh.
The majority of the power generated from the Phase-I capacity is supplied to Haryana and Madhya Pradesh Discoms under long-term power purchase arrangements through Power Trading Corporation Ltd.
It has 2.784 MMT of long-term fuel supply agreement with Coal India Limited's subsidiary South Eastern Coalfields Ltd (SECL).
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