Vidarbha Power acquired by Adani Power
Adani Group's power arm, Adani Power, has announced a successful acquisition of Vidarbha Power. As per updates, Adani Power has completed the acquisition and resolution plan implementation of Vidarbha Industries Power Ltd. (VIPL) for an aggregate consideration of Rs 4,000 crore.
With this, VIPL has become a wholly owned subsidiary of Adani Power. VIPL has a 2x300 MW domestic coal-fired power plant located in Butibori, Nagpur district. This acquisition comes as VIPL was undergoing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC).
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