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Mint
a day ago
- Business
- Mint
Adani Power adds Reliance Power's former unit to its string of acquisitions
Next Story Krishna Yadav NCLT has approved Adani Power's ₹ 4,000 crore resolution plan to acquire Vidarbha Industries Power Ltd. Adani Power is looking to increase its power-generating capacity to 30.67 GW by 2030 from 17.55 GW now, making it India's largest private sector capacity expansion. (Reuters) Gift this article Adani Power Ltd has inched closer to acquiring the bankrupt Vidarbha Industries Power Ltd, a former subsidiary of Reliance Power Ltd, adding to a list of distressed but strategically located power assets as it strives towards its goal. Adani Power Ltd has inched closer to acquiring the bankrupt Vidarbha Industries Power Ltd, a former subsidiary of Reliance Power Ltd, adding to a list of distressed but strategically located power assets as it strives towards its goal. The National Company Law Tribunal on 18 June approved Adani Power's ₹ 4,000 crore resolution plan to acquire VIPL following a majority nod in February by the distressed company's committee of creditors. Adani Power aims to increase its 17.55 GW of power-generating capacity—including thermal plants across states and a 40 MW solar project in Gujarat—to 30.67 GW by 2030, making it the largest private sector capacity expansion in the country. With its latest acquisition, Adani Power will gain control of VIPL's 600 MW thermal power plant in Butibori, Nagpur, comprising two 300 MW units. The plant has a long-term power purchase agreement with the Maharashtra government for 308.5 MW, ensuring stable cash flows and potential for future scale-up. The VIPL deal follows Adani's recent acquisitions of Dahanu Power ( ₹ 815 crore), Lanco Amarkantak Power, and Coastal Energen ( ₹ 3,330.88 crore), underscoring the group's strategy to drive growth. On Thursday, 19 June, Adani Power shares fell 3.2% to ₹ 533.20 each on NSE, while the Nifty 50 held steady, shedding just 18.80 points amid geopolitical tensions because of the escalating Israel-Iran conflict. VIPL's insolvency Vidarbha Industries Power was admitted into insolvency in September 2024 after CFM Asset Reconstruction moved the tribunal under the Insolvency and Bankruptcy Code (IBC). On 24 February this year, Adani Power informed stock exchanges that VIPL's lenders had approved its revival plan, subject to the terms of the letter of intent and necessary regulatory approvals. Adani Power had emerged as the successful resolution applicant after a competitive process that attracted bids from several major players, including Capri Global Holdings, CESC Ltd, Hindustan Thermal Projects, Jindal Power, JSW Energy, NTPC Ltd, Orissa Metaliks, Vedanta Ltd, and Shriniwas Spintex Industries. Under the approved plan, Adani Power will pay ₹ 4,000 crore against total admitted liabilities of ₹ 6,753 crore. The Adani entity has been directed to complete the payment within the stipulated timeframe. 'The Resolution Applicant is directed to make payment of the entire Resolution Plan amount within the time period stipulated under the Resolution Plan, failing which the entire amount paid shall stand forfeited," a Mumbai bench of the NCLT said in its 18 June order. As per the plan, the funding will be arranged through internal accruals or financing by eligible affiliates, with the flexibility to raise capital via equity, debt, preference shares, or external commercial borrowings. Reliance Power's exit VIPL was originally established as a special-purpose vehicle by Reliance Power to develop a 600 MW thermal power plant in Butibori, Nagpur, under a concession from the Maharashtra Industrial Development Corporation. The project was later converted into an independent power project. In September 2024, Reliance Power announced that VIPL was no longer its subsidiary after settling ₹ 3,872 crore in corporate guarantees extended on its behalf. As part of the settlement with CFM Asset Reconstruction, all associated obligations were released and 100% of VIPL's shares were pledged in favour of CFM. VIPL had defaulted on loans from Axis Bank and State Bank of India, which were later acquired by CFM ARC. Topics You May Be Interested In Catch all the Business News , Corporate news , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
Time of India
10-06-2025
- Business
- Time of India
NTPC hands over 1st ash-based ‘eco-house' to Bilaspur resident
Raipur: NTPC ceremonially handed over its first ash-based "Eco-house" to Krishna Yadav, a resident of Sipat in Bilaspur district of Chhattisgarh, on Tuesday. The event marks the beginning of a nationwide initiative aimed at providing affordable, eco-friendly housing solutions to rural communities. The Eco-house, developed using 80% ash and ash-based products sourced from NTPC power plants, embodies NTPC's commitment to zero-carbon emissions and sustainable development. The project follows a highly positive reception at the India International Trade Fair (IITF) 2024 held at Bharat Mandapam, New Delhi, where the Eco-house was showcased for the first time, said an NTPC spokesperson. At the core of this innovation are interlocking wall blocks made from ash that require no traditional construction materials such as sand, cement, steel, mortar, plaster, or putty. These blocks ensure superior structural strength while significantly reducing both construction time and cost. NTPC officials highlighted that the Eco-house emits approximately 75% less carbon compared to conventionally built homes. Moreover, the modular nature of the design allows the house to be dismantled and reassembled with minimal damage, offering residents future flexibility in relocation or structural adjustments. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Düsseldorf: GEERS sucht 700 Testhörer für Hörgeräte ohne Zuzahlung GEERS Undo This initiative is not just an engineering feat but a vision for social upliftment. By making the Eco-house available for public purchase, NTPC aims to promote sustainable living while addressing rural housing shortages. The model, when integrated with solar rooftop systems and connected to the grid, holds the promise of energy self-sufficiency and environmental stewardship. The handing-over ceremony was graced by key NTPC officials, including Pradipta Kumar Mishra, Regional Executive Director (WR II & NI-Ash); Ajay Kumar Shukla, Executive Director (NI-Ash); and Vijay Krishna Pandey, Head of Project, NTPC Sipat, along with other senior executives.
Time of India
10-06-2025
- Business
- Time of India
NTPC hands over first eco-house in Bilaspur, paving way for sustainable rural housing
RAIPUR: NTPC ceremonially handed over its first ash-based "Eco-house" to Krishna Yadav, a resident of Sipat in Bilaspur district of Chhattisgarh, on Tuesday. The event marks the beginning of a nationwide initiative aimed at providing affordable, eco-friendly housing solutions to rural communities. The Eco-house, developed using 80% ash and ash-based products sourced from NTPC power plants, embodies NTPC's commitment to zero-carbon emissions and sustainable development. The project follows a highly positive reception at the India International Trade Fair (IITF) 2024 held at Bharat Mandapam, New Delhi, where the Eco-house was showcased for the first time, said NTPC spokesperson. At the core of this innovation are interlocking wall blocks made from ash that require no traditional construction materials such as sand, cement, steel, mortar, plaster, or putty. These blocks ensure superior structural strength while significantly reducing both construction time and cost. NTPC officials highlighted that the Eco-house emits approximately 75% less carbon compared to conventionally built homes. Moreover, the modular nature of the design allows the house to be dismantled and reassembled with minimal damage, offering residents future flexibility in relocation or structural adjustments. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Tukarkan Bitcoin dan Ethereum - Tanpa Dompet Diperlukan! IC Markets MULAI SEKARANG Undo This initiative is not just an engineering feat but a vision for social upliftment. By making the Eco-house available for public purchase, NTPC aims to promote sustainable living while addressing rural housing shortages. The model, when integrated with solar rooftop systems and connected to the grid, holds the promise of energy self-sufficiency and environmental stewardship. NTPC has ambitious plans to scale up production and distribution of Eco-houses across the country. With its cost-effectiveness, rapid build capability, and green footprint, the Eco-house is poised to become a transformative model for rural housing in India. The handing-over ceremony was graced by key NTPC officials, including Pradipta Kumar Mishra, Regional Executive Director (WR II & NI-Ash); Ajay Kumar Shukla, Executive Director (NI-Ash); and Vijay Krishna Pandey, Head of Project, NTPC Sipat, along with other senior executives.
Time of India
03-06-2025
- General
- Time of India
Allenhouse XI win under-12 cricket tournament match
Kanpur: Jiyansh's six wicket haul helped Allenhouse XI defeat Sigma XI by a margin of 128 runs in the JNT Under – 12 cricket tournament being held at Kanpur South ground on Tuesday. With this match, the league phase of the tournament has concluded. Tired of too many ads? go ad free now In the knock-out stage, IPM carriers XI and Allenhouse XI have advanced to the semi-finals. Liverpool XI will face DKG Mobile XI and Achintya Insurance XI will challenge Oliver Brown XI in the first and second qualifier matches respectively, scheduled for June 4 and 5. All knock-out fixtures will be played under floodlights. Batting first, Allenhouse XI posted 194 runs in 25 overs. The openers struggled but Krishna Yadav and Sarvesh Kr Yadav steadied the innings by adding 105 runs for the third wicket. Krishna scored 75 runs off 61 balls with 11 boundaries, while Sarvesh contributed 60 runs from 35 balls, including 10 boundaries. Adarsh took 3 wickets and Atharva claimed 2. Brief score: Allenhouse XI – 8 for 194 (Krishna Yadav 75, Sarvesh Kumar Shukla 60, Kanishq Bharadwaj 18, Aadarsh Pal 3 for 25, Atharva Srivastava 2 for 24, Arslan Khan 1 for 34) Sigma XI – 66 (Revansh Pal 24, Vivek Pathak 18, Jiyansh R 6 for 7, Naresh Prajapati 2 for 4, Sameer Pratap and Tejas Awasthi one wicket each) KDMA League – Wonder Women, Veenus, and National club secured full points by overcoming their rivals in KDMA league matches held on Tuesday. Brief scores: HAL ground – Wonder Women club beat Civils club by 102 runs Wonder Women club – 5 for 204 (Neha Verma 50, Shibu Singh Pal 37, Priyanshi Singh 14, Bhavi Singh 26no, Anshika Harpal 10no, Yash Pandey 2 for 17) Civils club – 102 (Yuvraj Gautam 40, Ujjwal Kushwaha 23, Anglena Verma 4 for 38, Tanvika Gupta 3 for 10, Priyanshi Singh 3 for 13) Rashtriya Ground – Veenus club beat KGSC by 6 wickets KGSC – 9 for 142 (Anay Dubey 44, Shauryadeep 28, Anay Bahpai 20, Anirudh Shukla 3 for 15, Kunal Nishad 3 for 32, Aman 2 for 15) Veenus club – 4 for 144 (Rishabh Prajapati 32, Akash Singh 94no, Shivam Gond 3 for 34, Anupam Devi 1 for 31) Sapru ground – National club outplayed MUC by 24 runs National club – 9 for 221 (Mahendra Pratap Singh 52, Shivam Dubey 43, Shivansh Tiwari 51no, Saurav Jha 3 for 31, Harshit Shukla 2 for 40) MUC – 197 (Ritwik Singh 84, Virat Shukla 33, Saurav Jha 21, Mahendra Pratap Singh 3 for 39, Shivansh Tiwari 2 for 24, Diwakar Singh 2 for 28, Nitin Kumar Shilpkar 2 for 35). Tired of too many ads? go ad free now Basketball--As many as 32 teams including 10 of girls will participate in sixth district junior basketball championship (boys & girls) slated to be held here at The Jain International school, Mainawati Marg from Wednesday i.e. June 4. TT & swimming trials – District and divisional level trials for state table tennis and swimming women championships will be held at Green park stadium and Nana Rao Park Kanpur swimming pool on June 9 at 10 am and 3 pm respectively. The selected divisional level team will participate in state level championships scheduled to be held at sports stadium Siddharthnagar on June 13 and 14.
Time of India
15-05-2025
- Sport
- Time of India
SS Club beats Rolland Club at KDMA League
Kanpur: SS club drubbed Rolland club by 9 wickets in a low scoring KDMA league match held here at Gems ground on Thursday. Rolland club, deciding to bat first, could collect 90 runs for the loss of 9 wickets in 20 overs. Krishna Yadav scored 24 runs while Neeraj Pal and Sumit Yadav bagged 3 and 2 wickets, respectively. SS club in reply hit required 91 runs for the victory losing just one wicket in 11.5 overs. National club and Kanpur Starlet clubs also registered victories over their rivals in other league matches held at different grounds. According to Amit Mishra, organising secretary, the camp is of three days and it would conclude on May 17. The 13th edition of JNT cricket tournament will be inaugurated on May 18 evening with the announcement of names of teams and their members on the basis of lottery. Matches of the tournament will commence from May 19. Meanwhile, JNT group officials today felicitated coach Vikas Yadav who had been invited by the Indonesian cricket board as chief coach to guide & train their men and women teams. KCA president SN Singh, vice-president Sanjay Tiwari, Rahul Sapru, Shiv Kumar, Ahmad Ali Khan and Ayush Tiwari were present on this occasion. Selection trials: District and divisional level team selection trials for senior men & women will be held at Union club, Phool Bagh on May 19 and 20 at 10 am. Selected divisional team will participate in State level Sr Women & Men Swimming Championship to be held at Regional Sports Office Sports Stadium, Barielly from May 23 to 25.
