Sri City-KCR Enterprises get NCLT nod to acquire Sai Wardha Power

The National Company Law Tribunal, Hyderabad has approved the Resolution Plan of the consortium of Sri City Pvt Ltd and KCR Enterprise LLP facilitating them to take over KSK Energy Ventures’ Sai Wardha Power Generation Ltd located in Chandrapur in Maharashtra.

This is the first settled resolution for a coal-fired thermal power plant in the country. The consortium of Sri City manages the multipurpose economic zone in Andhra Pradesh, and KCR Enterprise LLP is promoted by serial entrepreneur and ace investor Srini Raju.

In their order, the NCLT members said: “The Resolution Plan stands approved and the same is binding on corporate debtor, its employees, members, creditors including the Central and State Governments and any local authority to whom debt was to be paid.”