Consortium led by Adani Power gets letter of intent to buy Coastal Energen
A consortium led by Adani Power Ltd., has been issued a letter of intent (LoI) for the acquisition of Coastal Energen Pvt., currently undergoing a corporate insolvency resolution process.
In a regulatory filing on Sunday, Adani Power announced that the resolution professional granted the LoI on Saturday, following the approval of the consortium’s resolution plan by CEPL’s committee of creditors.
“The implementation of the resolution plan is subject to the terms of the LOI and requisite approvals from the NCLT and any other regulatory authority under applicable laws,” Adani Power said.
