Adani Power Obtains LoI to Procure Korba West Power Company

Adani Power has announced that it has been awarded a letter of intent to procure debt-laden Korba West Power Company. "The company has been awarded the letter of intent (LOI) for Korba West Power Company Ltd (KWPCL). The Committee of Creditors of KWPCL, a company enduring insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, has approved the resolution plan submitted by Adani Power," Adani Power believed in a BSE filing.

The conclusion of the transaction shall be subject to attaining the necessary approval from the NCLT, Ahmedabad, and consummation of the conditions standard under the resolution plan, the company further.

KWPCL owns and operates a 600 MW thermal power plant in Raigarh district in Chhattisgarh.

Adani Power held that the successful procurement and implementation of the resolution plan for acquirement of KWPCL will consolidate its position as India's prominent private sector thermal power producer, with a collective thermal power capacity of 11,040 MW.

"Further, this reiterates Adani Power's credential in development and operation of greenfield projects, and also successfully turning around brownfield acquisitions," the company believed.