Adani Power Gets Creditors Nod to Acquire Vidarbha Industries Power

Adani Power has received approval from the committee of creditors to acquire Nagpur based Vidarbha Industries Power Ltd (VIPL), which is currently undergoing insolvency proceedings.

Adani Power submitted a resolution plan to acquire VIPL, which was approved by the Committee of Creditors (CoC) on February 24, 2025. Adani Power received a Letter of Intent (LOI) from the Resolution Professional, marking a significant step towards the acquisition.

VIPL was a subsidiary of Reliance Power before undergoing insolvency proceedings under the Insolvency and Bankruptcy Code (IBC) 2016. Incorporated on December 27, 2005, as a public limited company in Mumbai, Maharashtra, VIPL was initially known as Reliance Mineral Resources Limited before being renamed.

VIPL entered the Corporate Insolvency Resolution Process (CIRP) due to financial difficulties. The National Company Law Tribunal (NCLT) initiated the insolvency proceedings in September 2024.

VIPL operates a 2x300 MW (600 MW) thermal power plant located in the MIDC Industrial Area, Butibori, Nagpur.

The acquisition is contingent upon approvals from the National Company Law Tribunal and adherence to the terms of the letter of intent.

This move is part of Adani Power's strategy to expand its footprint in the power sector. The implementation of the resolution plan will be subject to the requisite approvals from regulatory authorities.

Adani Power has previously acquired other power assets, including Dahanu Power and Lanco Amarkantak Power Limited.