Adani Power Limited (APL) has received a letter of intent (LoI) from the Resolution Professional (RP) for the acquisition of GVK Energy Limited (GVKEL). GVKEL is undergoing Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016 (IBC). The RP has approved the Resolution Plan submitted by APL.
GVKEL owns and operates a 330 MW hydroelectric power plant in Uttarakhand through its subsidiary, Alaknanda Hydro Power Company Limited. The implementation of the resolution plan is subject to the terms of the LoI and requisite approvals from the National Company Law Tribunal (NCLT), Hyderabad, and other applicable regulatory authorities, courts or tribunals.