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Adani Power Set To Acquire Essar Power’s 1200 MW Mahan Project For Rs 3000 Crore
Gautam Adani, chairman and founder of the Adani Group (Abhijit Bhatlekar/Mint via Getty Images)
Adani Power Limited is set to acquire the 1200 megawatt (MW) Essar Power’s Mahan Project situated at Singrauli district in Madhya Pradesh and is likely to spend around Rs 3000 crore for this project.
The plant routes power through the Mahan-Sipat transmission line and is linked with a railway sliding situated 18 kilometers away for the purpose of coal supply and other raw materials.
However, this deal needs to receive the required approval from the National Company Law Tribunal (NCLT) and also needs to fulfill the conditions under the Resolution Plan.
“This is to inform that the Committee of Creditors of Essar Power M P Ltd, a company undergoing insolvency resolution under the Insolvency and Bankruptcy Code, has approved the Resolution Plan submitted by Adani Power Limited,” Adani Power’s submission was quoted in a report by the Business Standard.
The Mahan project of Essar Power operates a couple of 600 MW units and can be expanded by another unit so as to make it an 1800 MW project. Just last month, Adani Green had acquired the solar and wind power portfolio of SB Energy from Softbank and Bharti Group.
These developments are encouraging for the company as it coincides with an uptick in power demand following the revival in economic activities as a consequence of the reduction in Covid-19 cases across the country.
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