Adani Power has completed acquisition of GMR Chhattisgarh Energy (GCEL), which owns and operates a 1,370 MW (2 X 685 MW) Supercritical power plant at Raikheda village, in Raipur District of Chhattisgarh. 52.38% of the equity stake in GCEL was acquired from its Consortium of Lenders, following the approval of the company's resolution plan to acquire a controlling equity stake and restructure its debt.
The balance 47.62% equity stake was acquired from the GMR Group. The acquisition of GCEL was concluded at an Enterprise Valuation of around Rs 3,530 crore.
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.