Adani Power gains over 1% after completing acquisition of Essar's 1200 MW power plant in Madhya Pradesh

17 Mar 2022 , 09:35 AM

Adani Power Limited has on Wednesday completed the acquisition of 100% of paid up share capital and management control of EPMPL (Essar Power M P Ltd), a company undergoing insolvency resolution under the Insolvency and Bankruptcy Code.

The cost of acquisition of EPMPL along with rehabilitation cost is over Rs4,250 crores for 1200 MW power plant, including estimated cost of compliance on environmental and emission norms, company said in a regulatory filing.

National Company Law Tribunal, Principal Bench at New Delhi (NCLT), had on November 01, 2021, approved the resolution plan submitted by Adani Power Limited for acquisition of EPMPL which owns a 1,200 MW thermal power plant in Singrauli Dist., Madhya Pradesh.

At around 9.36 am, Adani Power Ltd was trading at Rs124.45 per piece up by Rs1.6 or 1.3% from its previous closing of Rs122.85 per piece on the BSE.