Adani Power, a subsidiary of Adani Group, is set to acquire of New Delhi–based GMR Chhattisgarh Energy Ltd. (GCEL).
Adani’s consortium of lenders approved the company’s resolution plan on June 24, granting it an equity stake and restructured debt in GCEL.
Upon completion of the deal, Adani will hold a 100 percent stake in GCEL, of which 52.38 percent will be acquired from the lenders, and 47.62 percent will be acquired from the GMR Group.
GCEL owns an operational 1.37-megawatt, supercritical coal-based thermal power plant in Raikheda, Chhattisgarh. The infrastructure enterprise also invests in airports, energy, transportation and urban infrastructure.
The sum of the transaction was not known at the time of publication.
