Vidarbha Industries Power will acquire power, company gets Loi
New Delhi:
Adani Power Ltd. has received a letter of intent (LOI) for the acquisition of Vidarbha Industries Power Limited (VIPL). On Monday, the resolution professional officially announced this acquisition under the corporate bankruptcy process. The Vidarbha Industries Power Insolvency and Bankruptcy Code (IBC) was undergoing the corporate insolvency resolution process under the 2016. The Creditors Committee of Vidarbha Industries Power has approved the resolution plan of Adani Power.
Now what next?
Adani Power is strengthening her situation through new acquisitions and financial reforms. To implement this scheme, approval of the National Company Law Tribunal (NCLT) Mumbai and other regulatory institutions will be necessary.
Talking about Vidarbha Industries Power, this company operates a 2×300 MW thermal power plant in Butibori, MIDC Industrial Area in Nagpur, Maharashtra.
Great performance of Adani Power
Adani Power has performed brilliantly in the third quarter of the current financial year. The company’s net profit has increased by 7% to Rs 2,940.07 crore. At the same time, the total income of the company increased by 5.2% to Rs 13,671.18 crore. Looking at the data of operating income, the company’s Ebitda increased by 8% to Rs 5,022.92 crore. Ebitda margin rose to 36.7%, which was earlier 35.8%.
Adaani Power has been approved to raise up to Rs 11,000 crore through NCDS. At the same time, a proposal to raise up to Rs 5,000 crore through QIP has also been approved.