Adani Power has completed the acquisition of Vidarbha Industries Power (VIPL) for Rs 4,000 crore, the company said on Tuesday.VIPL is a 2×300 MW domestic coal-fired power plant located in Butibori in Nagpur district of Maharashtra. The company was undergoing the corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code (IBC). On June 18, the Mumbai bench of the National Company Law Tribunal (NCLT) approved Adani Power’s resolution plan for VIPL. Subsequently, the plan was implemented on July 7. With the acquisition, Adani Power’s operating capacity goes up to 18,150 MW.
“The acquisition of VIPL is a key milestone in Adani Power’s strategy to unlock value through the turnaround of stressed…