Courtesy-DNA India
For Essar Power’s 1,200 MW thermal power project in Mahan, Madhya Pradesh, Adani Power emerges out as a successful bidder. A committee of creditors has approved the Adani Power bid for the project. To acquire the project, it will now have to seek the NCLT approval for the same. Essar Power M P Ltd (EPMPL) is currently undergoing insolvency proceedings.
According to a Bombay Stock Exchange (BSE) filing by Adani Power on Friday, under the insolvency and bankruptcy code, the Essar Power MP Limited is undergoing insolvency resolution and has approved the resolution plan submitted by Adani power limited.
In Singrauli district, Madhya Pradesh, the Essar Power MP Limited owns a 1,200 MW power plant, the filing added. A letter is issued of intent dated 17th June 2021 to the company by the Resolution Professional appointed by the National Company Law Tribunal, Delhi, under this approval, as it stated.
The ideal size of the project is estimated to be around ₹2,800-₹3,000 crores as per the industry sources. With the subject of satisfaction of conditions precedent under the resolution plan along with obtaining necessary approval from the NCLT, the closure of the transaction will be in regards to the same.
Meanwhie, following a sharp decline in the net worth of the current week, billionaire industrialist Gautam Adani had fallen from his position of being the second richest man in Asia. As per a report by the global indexes which tracks the wealth of the world’s richest billionaires, from over $77 billion at the week’s start, Adani’s net worth had fallen to $63 billion. Around $14 billion from the net worth has been lost by the 58-year-old in just four days.