Adani Power Ltd has emerged as successful bidder for Essar Power MP Ltd
Adani Power Ltd has emerged as successful bidder for Essar Power MP Ltd

New Delhi/Bhopal: Adani Power Ltd has emerged as the successful bidder for Essar Power MP Ltd, which owns a 1,200-MW power plant in Singrauli, Madhya Pradesh.

"This is to inform that the committee of creditors of Essar Power MP Ltd, a company undergoing insolvency resolution under the Insolvency and Bankruptcy Code, has approved the resolution plan submitted by Adani Power Ltd," Adani Power said in a regulatory filing.

Pursuant to this approval, the resolution professional appointed by the National Company Law Tribunal, Delhi, issued a letter of intent to the company on Thursday, it said.

Closure of the transaction will be subject to obtaining necessary approval from the National Company Law Tribunal and satisfaction of conditions precedent under the resolution plan. On Friday, shares of Adani Power closed nearly 5% lower at Rs 114.90 rupees on National Stock Exchange.

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