Adani Power receives Letter of Intent for Korba West Power

Mumbai: Adani Power on Monday said it has received the Letter of Intent (LoI) to acquire the insolvent Korba West Power Company (KWPCL) after the latter's Committee of Creditors (CoC) approved Adani's resolution plan for KWPCL.

The LoI dated April 6, 2019 was issued by the resolution professsional appointed by the Ahmedabad bench of the National Company Law Tribunal (NCLT), Adani Power said in regulatory filing.

"The closure of the transaction shall be subject to obtaining the necessary approval from the NCLT, Ahmedabad, and satisfaction of the conditions precedent under the resolution plan," it said.

KWPCL owns and operates a 600 megawatt (MW) thermal power plant in Raigarh District, Chhattisgarh.

According to Adani Power, successful acquisition and implementation of the resolution plan will consolidate its position as India's leading private sector thermal power producer, with a combined thermal power capacity of 11,040 MW.

The share price of Adani Power at 1.11 p.m was Rs 49.85 per share, higher by Re 0.10, or 0.20 per cent, over its previous close.