Adani Power gets letter of intent to acquire Vidarbha Industries Power

New Delhi: Adani Power on Monday received approval from the committee of creditors for acquiring Vidarbha Industries Power Ltd (VIPL), which is undergoing insolvency proceedings.

VIPL owns and operates a 2x300 MW (600 MW) thermal power plant at MIDC Industrial Area, Butibori, Nagpur, Maharashtra, a regulatory filing stated.

The implementation of Adani Power's resolution plan is subject to the terms of the LOI (letter of intent) and requisite approvals, including from the National Company Law Tribunal, Mumbai.

"Committee of Creditors (COC) of Vidarbha Industries Power, a company undergoing Corporate Insolvency Resolution Process..has approved the Resolution Plan submitted by Adani Power. In this regard, APL has received a Letter of Intent from Resolution Professional on February 24, 2025," the filing said.

The filing has not disclosed the value of acquisition.