Adani Power Ltd., a subsidiary of Indian conglomerate Adani Group will acquire 1,200 MW Essar Power’s Mahan project located at Singrauli district of Madhya Pradesh. Essar Power’s Mahan Project was undergoing insolvency resolution under the Insolvency and Bankruptcy Code.
National Company Law Tribunal (NCLT) approved the Resolution Plan submitted by Adani Power Limited and issued a letter of intent (LoI) to Adani Power on 17 June 2021. Essar Power’s Mahan project operates two units of 600 MW, the project can be further expanded by one more unit making it a 1,800 MW project.
Adani Power will shell out close to Rs 3,000 crore for the Mahan project.