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Adani Power Secures Hydropower Gem in Insolvency Bid
7 Sep
Summary
- Adani Power will acquire GVK Energy via insolvency process.
- The deal includes a 330 MW hydropower project in Uttarakhand.
- Adani Power received a Letter of Intent on September 7.
Adani Power has emerged as the chosen bidder to acquire GVK Energy Limited through the corporate insolvency resolution process. This development grants Adani Power control over a significant 330 MW hydroelectric power project located in Uttarakhand, India.
The Committee of Creditors approved Adani Power's resolution plan, and a Letter of Intent was issued on September 7, 2026. The subsidiary, Alaknanda Hydro Power Company Limited, currently operates the hydropower asset.
While a major step, the acquisition is not yet finalized. Adani Power must still secure approvals from the National Company Law Tribunal in Hyderabad, alongside other necessary regulatory bodies, courts, or tribunals.
Earlier in May, the Competition Commission of India had already given its nod for Adani Power's proposed acquisition of 100% share capital and control of GVK Energy.
