The Adani company is inches closer to acquiring the bankrupt VIPL. Earlier this year, the lenders have approved its revival plan for the company.
Indian billionaire Gautam Adani, the second richest man in India, continues to expand his business empire, both in the country and abroad. His Adani Group has acquired several companies and taken them to new heights. Now, Adani Group’s energy arm, Adani Power, has secured key approval from the National Company Law Tribunal (NCLT) to acquire a company, once owned by former billionaire and Reliance Group chairman Anil Ambani. Its name is Vidarbha Industries Power Ltd.
On 18 June, NCLT approved Adani Power’s Rs 4,000 crore resolution plan to acquire Vidarbha Industries Power Ltd (VIPL), a former subsidiary of Reliance Power Ltd of Reliance Group, Live Mint reported. Now, the Adani company is inches closer to acquiring the bankrupt VIPL. Adani Power was selected as the successful resolution applicant under the CIRP of Vidarbha Industries Power.
Vidarbha Industries Power
Vidarbha Industries Power is currently undergoing a Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code 2016. Vidarbha Industries Power owns and operates a 2×300 MW thermal power plant in the MIDC Industrial Area of Butibori in Nagpur. The company has admitted liabilities of Rs 6,753 crore, and the successful resolution
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