Adani Power will acquire GMR Chhattisgarh Energy (GCEL) as the consortium of lenders has approved its resolution plan. The consortium of lenders, led by Axis Bank, to GMR Chhattisgarh Energy, has issued a Letter of Intent dated June 24, 2019, approving Adani Power's resolution plan to acquire controlling equity stake and restructure debt in GCEL.
Post the transaction, Adani Power shall hold 100% equity stake in GCEL. Of this, 52.38% stake is to be acquired from the lenders, and the balance 47.62% is to be acquired from the GMR Group.
Adani Power is engaged in the business of generation, accumulation, distribution and supply of power and to generally deal in electricity and to explore, develop, generate, accumulate, supply and distribute or to deal in other forms of energy from any source whatsoever.
