Thursday, Apr 25 2024 | Time 20:58 Hrs(IST)
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Business Economy


Adani Power's proposal to takeover Lanco Amarkantak gets go ahead

New Delhi, Mar 5 (UNI) Resolution Plan of Adani Power has been approved by the Committee of Creditors of Lanco Amarkantak Power Limited, a company undergoing the Corporate Insolvency Resolution Process.
In a filing with the Stock Exchange, Adani Power informed that the “Committee of Creditors (COC) of Lanco Amarkantak Power Limited (LAPL), a company undergoing corporate insolvency resolution processes under the Insolvency and Bankruptcy Code 2016 (IBC), has approved the resolution plan submitted by Adani Power Limited.
In this regard, APL received a letter of intent from the resolution professional on March 4, 2024, the company said.
Lanco Amarkantak owns and operates a 2x300 MW (600 MW) thermal power plant at Pathadi Village in Korba District of Chhattisgarh. The Phase-I capacity is tied up with Haryana and Madhya Pradesh DISCOMs under long-term power purchase agreements.
It is also setting up a 2x660 MW (1320 MW) expansion capacity under Phase II. The implementation of the resolution plan is subject to the terms of the LOI and requisite approvals from the NCLT and/or any other regulatory authority, court, or tribunal (as the case may be) under applicable laws.
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