Adani Power to acquire GMR Chhattisgarh Energy

NEW DELHI: Adani PowerNSE 0.59 % Tuesday said it will acquire GMR Chhattisgarh Energy Ltd (GCEL) as the consortium of lenders has approved its resolution plan.

The consortium of lenders, led by Axis BankNSE 0.81 %, to GMR Chhattisgarh Energy Ltd (GCEL), has issued a Letter of Intent dated June 24, 2019, approving Adani Power’s (APL) resolution plan to acquire controlling equity stake and restructure debt in GCEL, Adani Power said in a regulatory filing.