Adani Power Ltd (APL) has finalized its ₹4,000 crore acquisition of Vidarbha Industries Power Ltd (VIPL), a 600 MW coal-fired power plant in Butibori, Nagpur, Maharashtra, through the insolvency route, the company announced on Tuesday.
The Mumbai Bench of the National Company Law Tribunal (NCLT) approved APL’s resolution plan on June 18, 2025, with implementation completed on July 7, 2025. The acquisition, which includes two 300 MW units, increases APL’s operational capacity to 18,150 MW, reinforcing its position as India’s largest private thermal power producer.
VIPL, previously a Reliance Power subsidiary, was undergoing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC) due to financial distress, with admitted liabilities of ₹6,753 crore. Adani Power emerged as the successful bidder in a competitive process, offering ₹4,000 crore to resolve the stressed asset.
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“This acquisition is a key milestone in our strategy to unlock value through the turnaround of stressed assets,” said SB Khyalia, CEO of Adani Power. “We are committed to India’s vision of ‘Electricity for All’ by delivering reliable, affordable power.”
APL is eyeing a capacity of 30,670 MW by 2030 through a mix of brownfield and greenfield projects. It is constructing six 1,600 MW ultra-supercritical thermal power plants in Singrauli-Mahan (Madhya Pradesh), Raipur, Raigarh, and Korba (Chhattisgarh), and Kawai (Rajasthan), alongside a 1,600 MW greenfield plant in Mirzapur, Uttar Pradesh. Additionally, APL is reviving a 1,320 MW supercritical plant in Korba.
With operations across eight states and a 40 MW solar plant in Gujarat, APL continues to drive India’s energy growth. The acquisition aligns with its strategy to strengthen its foothold in Maharashtra, leveraging a long-term power purchase agreement with the state for 308.5 MW.
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