Adani Power on Monday said it has been awarded a letter of intent to acquire debt-laden Korba West Power Company.
“The company has been awarded the letter of intent (LOI) for Korba West Power Company Ltd (KWPCL). The Committee of Creditors of KWPCL, a company undergoing insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, has approved the resolution plan submitted by Adani Power,” Adani Power said in a BSE filing.
The closure of the transaction shall be subject to obtaining the necessary approval from the NCLT, Ahmedabad, and satisfaction of the conditions precedent under the resolution plan, the company added.
