Adani Power has received a Letter of Intent (LOI) to acquire GVK Energy Limited after the Committee of Creditors (CoC) approved its resolution plan for the company.
The LOI was issued by GVK Energy’s Resolution Professional at 9:35 a.m. on September 7, Adani Power said in a stock-exchange filing.
GVK Energy owns a 330 MW hydroelectric power project in Uttarakhand through its subsidiary, Alaknanda Hydro Power Company Limited. The proposed acquisition is being carried out through the corporate insolvency resolution process under the Insolvency and Bankruptcy Code.
The Competition Commission of India had approved Adani Power’s proposed acquisition of 100% of GVK Energy’s share capital and control in May.
Deal still needs regulatory…