Adani Power has completed the acquisition of Vidarbha Industries Power (VIPL) for Rs 4,000 crore, the company said on Tuesday.VIPL is a 2×300 MW domestic coal-fired power plant located in Butibori in Nagpur district of Maharashtra. The company was undergoing the corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code (IBC). On June 18, the Mumbai bench of the National Company Law Tribunal (NCLT) approved Adani Power’s resolution plan for VIPL. Subsequently, the plan was implemented on July 7. With the acquisition, Adani Power’s operating capacity goes up to 18,150 MW.
“The acquisition of VIPL is a key milestone in Adani Power’s strategy to unlock value through the turnaround of stressed assets. As we continue expanding our portfolio, we remain committed to supporting India’s vision of ‘Electricity for All’ by delivering reliable, affordable base-load power that fuels the country’s sustainable growth,” said SB Khyalia, chief executive officer, Adani Power.
The company is further undertaking the expansion of its base load power generation portfolio through a mix of brownfield and greenfield projects. The Adani Group firm said it is on track to achieve 30,670 MW capacity by FY30. This is the second instance where a major thermal power company was acquired through a resolution plan this year. Early this year, JSW Energy bought 1,800 MW KSK Mahanadi Thermal Power Company, for Rs 16,084 crore and implemented the resolution plan.
Adani Power is currently constructing six brownfield ultra-supercritical power plants (USCTPP) of 1,600 MW each at its existing locations at Singrauli-Mahan in Madhya Pradesh, Raipur, Raigarh, and Korba in Chhattisgarh, and Kawai in Rajasthan, in addition to a 1,600 MW greenfield USCTPP at Mirzapur, Uttar Pradesh. Apart from this, it is also reviving the construction of a 1,320 MW supercritical power plant at Korba that it has acquired previously.
With this, Adani Power would cement its position as the largest private base load power generation company with 30,670 MW of operational capacity by 2030. Adani Power’s acquisitions in FY25 included Lanco Amarkantak Power (now renamed as Korba Power) of 600 MW of operating capacity and 1,320 MW of under-construction project for Rs 4,101 crore; Coastal Energen, amalgamated with Moxie Power with operating capacity of 1,200 MW for Rs 3,336 crore; and Adani Dahanu Thermal Power Station with 500 MW operating capacity for Rs 815 crore.