Adani Power set to acquire GMR Chhattisgarh Energy Ltd

New Delhi: Adani Power has said that it will acquire GMR Chhattisgarh Energy Ltd (GCEL) as the plan has received a nod from its consortium of lenders. GCEL’s consortium of lenders, led by Axis Bank, issued a Letter of Intent approving Adani’s bid to acquire a controlling equity stake and restructure debt in GCEL, Adani Power said in a regulatory filing.

Adani Power shall hold 100% stake in GCEL

“Post the transaction, APL shall hold 100 percent equity stake in GCEL. Of this, 52.38 percent stake is to be acquired from the lenders, and the balance 47.
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62 percent is to be acquired from the GMR Group,” it said.

GCEL has a 1.370 MW thermal power plant in Raipur

GCEL owns a 1.370 MW supercritical thermal power plant in Raikheda, Raipur district of Chhattisgarh. The plant has two units of 685 MW each.

“Post the transaction, APL shall hold 100 percent equity stake in GCEL. Of this, 52.38 percent stake is to be acquired from the lenders, and the balance 47.62 percent is to be acquired from the GMR Group,”- APL

“Successful acquisition of GCEL and Korba West Power Company (KWPCL) will consolidate APL’s position as India’s leading private sector thermal power producer with a combined thermal power capacity of 12,410 MW. Further, this reaffirms APL’s credentials in development and operation of greenfield projects, and also successfully turning around brown-field acquisitions,” Adani Power said.