Updated Feb 26, 2025 18:43 IST
Gautam Adani to acquire power company once owned by Anil Ambani (Pic: ET NOW)
Vidarbha Industries Power Ltd (VIPL), once a subsidiary of Anil Ambani’s Reliance Power , was undergoing insolvency proceedings. Last year, Reliance Power had announced that Vidarbha Industries Power ceased to be its subsidiary.
Adani Power said that it has secured approval from the committee of creditors for acquiring Vidarbha Industries Power.
“This is to inform that the Committee of Creditors (“COC”) of Vidarbha Industries Power Limited (“VIPL”), a company undergoing Corporate Insolvency Resolution Process (“CIRP”) under the Insolvency and Bankruptcy Code 2016 (“IBC”) has approved the Resolution Plan submitted by Adani Power…
