Adani Power on February 24 received a Letter of Intent (LoI) from the resolution professional to acquire Vidarbha Industries Power Limited (VIPL), which is undergoing insolvency proceedings under the Bankruptcy and Insolvency Code 2016.

The Adani Group company said in an exchange filing that the Committee of Creditors (CoC) of VIPL has approved the insolvency filed by Adani Power.

The Maharashtra-based company operates a 2x300 MW (600 MW) thermal power plant at MIDC Industrial Area, Butibori, Nagpur. Help in getting approval The company said that the implementation of this resolution plan will depend on the conditions mentioned in the LOI and obtaining the necessary approvals from the National Company Law Tribunal (NCLT), Mumbai or any other regulatory authority/court/court. Adani Power shares saw a decline after this news. On February 24, at 1:30 pm, the stock was trading 1.23% down at ₹ 472.75 on the NSE.