Latest news with #ReliancePower
India.com
21 hours ago
- Business
- India.com
Big move by Gautam Adani, acquires this former company of Anil Ambani, its name is…
Adani Power Ltd has moved forward in the process of acquiring the bankrupt Vidarbha Industries Power Ltd. It is a former subsidiary of Anil Ambani led Reliance Power Ltd. The National Company Law Tribunal on 18 June approved Adani Power's Rs 4,000 crore resolution plan to acquire VIPL. A majority nod was given by secured creditors in February. Adani Power will pay Rs 4,000 crore to acquire the company. Vidarbha Industries owns a 600-megawatt thermal power plant in Nagpur. The resolution plan received 100% voting share. The tribunal also found this plan suitable for revival. Vidarbha Industries Power Current Situation The company has admitted liabilities of Rs 6,753 crore, and the successful resolution plan has proposed to pay Rs 4,000 crore to acquire the company. 'We find that the Resolution Plan has been approved with 100% voting share. As per the CoC, the plan meets the requirement of being viable and feasible for the revival of the Corporate Debtor,' said the division bench of judicial member Nilesh Sharma and a technical member, Sameer Kakar, in its 75-page order. 'We also observe that none of the stakeholders in the process of CIRP have come forward before this Tribunal with an application objecting to the approval of this Resolution Plan,' added the tribunal. The tribunal also observed that the resolution plan is binding on the Corporate Debtor (VIPL), its employees, members, creditors, guarantors and other stakeholders. VIPL Anil Ambani Connection VIPL was earlier a subsidiary of Anil Ambani-owned Reliance Power. It declard insolvency proceedings under the Insolvency and Bankruptcy Code (IBC). Reliance Power had announced last year that VIPL was no longer its subsidiary. Bimal Kumar Agarwal was appointed by the bench for the interim resolution professional (IRP) to look after the insolvency process. This also includes managing VIPL's assets and inviting resolution plans.
Time of India
a day ago
- Business
- Time of India
Adani Power's proposal to acquire Vidarbha Industries Power's approved by NCLT
The Mumbai bench of the National Company Law Tribunal (NCLT) on Wednesday approved Adani Power Ltd 's acquisition of Vidarbha Industries Power Ltd. Before the tribunal's nod, the secured creditors of the company approved the plan in February 2024. The company has admitted liabilities of Rs 6,753 crore, and the successful resolution plan has proposed to pay Rs 4,000 crore to acquire the company. Vidarbha Industries (VIPL) owns and operates a 600-megawatt (MW) thermal power plant, with two 300-MW units each in Nagpur in Maharashtra state. 'We find that the Resolution Plan has been approved with 100% voting share. As per the CoC, the plan meets the requirement of being viable and feasible for the revival of the Corporate Debtor,' said the division bench of judicial member Nilesh Sharma and a technical member, Sameer Kakar, in its 75-page order. 'We also observe that none of the stakeholders in the process of CIRP have come forward before this Tribunal with an application objecting to the approval of this Resolution Plan,' noted the tribunal. The tribunal also observed that the resolution plan is binding on the Corporate Debtor (VIPL), its employees, members, creditors, guarantors and other stakeholders. Last year in September, the tribunal had admitted CFM Asset Reconstruction's application to admit the company under the Corporate Insolvency Resolution Process (CIRP). On February 24, Adani Power in its stock exchange filing had said that the lenders have approved its revival plan for the company and the 'implementation of the resolution plan' is subject to the 'LOI terms as well as requisite approvals from the NCLT and other regulatory approvals'. VIPL was formerly a subsidiary of Anil Ambani-owned Reliance Power . It entered insolvency proceedings under the Insolvency and Bankruptcy Code (IBC). Reliance Power had announced last year that VIPL was no longer its subsidiary. Admitting the petition, the bench appointed Bimal Kumar Agarwal as the interim resolution professional (IRP) to oversee the insolvency process, including managing VIPL's assets and inviting resolution plans. VIPL, a special-purpose vehicle, was set up by Reliance Power for building a coal-based thermal power plant comprising two units of 300 MW each at Butibori at Nagpur in Maharashtra. The project was awarded after an international bidding process run by the Maharashtra Industrial Development Corporation, and it was eventually converted into an independent power project. The Butibori project has a long-term power purchase agreement (PPA) with Maharashtra for 3085 MW, with potential for expansion. The company defaulted on loans totalling Rs. 3,872 crore to Axis Bank and State Bank of India (SBI), leading to the classification of its account as a non-performing asset in 2019. Both lenders later sold their debts to CFM ARC in 2023, as reported by ET in October 2023.
Time of India
a day ago
- Business
- Time of India
Adani Power's proposal to acquire Vidarbha Industries Power's approved by NCLT
The Mumbai bench of the National Company Law Tribunal (NCLT) on Wednesday approved Adani Power Ltd 's acquisition of Vidarbha Industries Power Ltd. Before the tribunal's nod, the secured creditors of the company approved the plan in February 2024. The company has admitted liabilities of Rs 6,753 crore, and the successful resolution plan has proposed to pay Rs 4,000 crore to acquire the company. Vidarbha Industries (VIPL) owns and operates a 600-megawatt (MW) thermal power plant, with two 300-MW units each in Nagpur in Maharashtra state. 'We find that the Resolution Plan has been approved with 100% voting share. As per the CoC, the plan meets the requirement of being viable and feasible for the revival of the Corporate Debtor,' said the division bench of judicial member Nilesh Sharma and a technical member, Sameer Kakar, in its 75-page order. 'We also observe that none of the stakeholders in the process of CIRP have come forward before this Tribunal with an application objecting to the approval of this Resolution Plan,' noted the tribunal. The tribunal also observed that the resolution plan is binding on the Corporate Debtor (VIPL), its employees, members, creditors, guarantors and other stakeholders. Last year in September, the tribunal had admitted CFM Asset Reconstruction's application to admit the company under the Corporate Insolvency Resolution Process (CIRP). On February 24, Adani Power in its stock exchange filing had said that the lenders have approved its revival plan for the company and the 'implementation of the resolution plan' is subject to the 'LOI terms as well as requisite approvals from the NCLT and other regulatory approvals'. VIPL was formerly a subsidiary of Anil Ambani-owned Reliance Power. It entered insolvency proceedings under the Insolvency and Bankruptcy Code (IBC). Reliance Power had announced last year that VIPL was no longer its subsidiary. Admitting the petition, the bench appointed Bimal Kumar Agarwal as the interim resolution professional (IRP) to oversee the insolvency process, including managing VIPL's assets and inviting resolution plans. VIPL, a special-purpose vehicle, was set up by Reliance Power for building a coal-based thermal power plant comprising two units of 300 MW each at Butibori at Nagpur in Maharashtra. The project was awarded after an international bidding process run by the Maharashtra Industrial Development Corporation, and it was eventually converted into an independent power project. The Butibori project has a long-term power purchase agreement (PPA) with Maharashtra for 3085 MW, with potential for expansion. The company defaulted on loans totalling Rs. 3,872 crore to Axis Bank and State Bank of India (SBI), leading to the classification of its account as a non-performing asset in 2019. Both lenders later sold their debts to CFM ARC in 2023, as reported by ET in October 2023.
India.com
2 days ago
- Business
- India.com
Debt decreasing rapidly, deals happening, new orders are coming…can Anil Ambani beat Mukesh Ambani?
Anil Ambani and Mukesh Ambani- File image Anil Ambani's companies are making a big comeback. Debt levels are falling, and returns are also on the rise. In terms of returns, his companies have even outperformed Mukesh Ambani's Reliance Industries. He was once the sixth richest person in the world with a net worth of $42 billion by the family split he got businesses like Reliance Telecom, Reliance Capital, Reliance New Energy, and Reliance Power. However due to poor decisions, a huge debt he faced many financial troubles. He also sold some of his companies and stock prices fell down rapidly. However after many years he is again making a huge comeback. He is turning the table, with growing investments, increasing profits, and declining debt levels. If this continues, Anil Ambani can again get what he lost. Anil Ambani's Come Back Anil Ambani's companies are delivering good returns. Reliance Power, Reliance Home Finance, and Reliance Infrastructure have given huge returns to investors in recent times. Reliance Power: Over 40% return in a month and 125% in a year. A Rs 1 lakh investment a year ago is now worth Rs 2.25 lakh. Reliance Infrastructure: With a 30% return in a month and 90% over the year. Reliance Home Finance: Gave 55% returns in a month and nearly 50% in a year. If compared with his elder brother Mukesh Ambani's Reliance Industries, India's most valuable company by market capitalization, has underperformed recently. The stock remained flat over the past month and dropped by around 6% over the year. Securing New Orders Anil Ambani's companies are also signing new deals and growing investor trust, both domestically and internationally. Reliance Infra's subsidiary Reliance Defence recently won many deals. One with Germany's Diehl Defence and another with German company partnered with Reliance Defence for ammunition manufacturing. In Bhutan, Reliance Power signed a deal to establish a 1,270 MW solar plant. Debt Reduction Debt reduction has become a primary focus for Anil Ambani. Reliance Infrastructure: Paid off Rs 3,300 crore of debt in FY 2025, becoming debt-free. Rosa Power Supply Company: Cleared Rs 485 crore of debt, achieving debt-free status. Reliance Power: Settled a loan of Rs 3,872 crore earlier.
India.com
2 days ago
- Business
- India.com
Bad news for Anil Ambani as Reliance Power's shares decline by..., lost around 17 per cent of its value in just..., market cap now at Rs...
Bad news for Anil Ambani as Reliance Power's shares decline by..., lost around 17 per cent of its value in just..., market cap now at Rs... Reliance Power's share price dropped by 5 per cent on June 17, closing at Rs. 63.63. This is the fourth day in a row the shares have fallen. In just these four days, the stock has lost around 17 per cent of its value. Earlier, the shares had seen a huge jump, rising 132 per cent in just three months and even touching a high of Rs. 76.49 earlier this month. In the last one month alone, the stock had gone up 70 per cent. But now it looks like investors are taking profits, leading to a drop in prices. The market cap of Reliance Power now stands at Rs 26242 crore, as of June 17. Even with this fall, the stock is still doing much better than last year. On July 23, 2023, the share price was just Rs. 25.75. So right now, it's still about 147 per cent higher than that. So far today, more than 2.1 crore shares have been traded. The P/E ratio of the stock is around 9.40, which tells us how much investors are willing to pay for its earnings. New project win for Reliance Power Subsidiary On May 28, Reliance Power shared some good news. Its subsidiary, Reliance NU Energies, won a big project. The company got a Letter of Award (LOA) to build a 350 MW solar power project that also includes a Battery Energy Storage System (BESS) of 175 MW/700 MWh. This project is under SJVN, a government-owned company. Earlier, Reliance NU Energies had won the bid by offering a price of Rs. 3.33 per unit of electricity for the next 25 years. This project was part of a much larger tender which included 1,200 MW of solar power and 600 MW/2,400 MWh of battery storage. The tender was very popular as 19 companies joined, and 18 reached the final round. This project will add 600 MW of solar power and 700 MWh of battery capacity to Reliance Power's clean energy portfolio. Now, the company has a total pipeline of 2.4 GW of solar power and 2.5 GWh of battery storage, making it the largest company in India working on combined solar and battery storage projects. Reliance Power said that this new project is a major step in its plan to focus more on clean and green energy. It believes this will help the company grow while also supporting India's goal of using more renewable energy in the future.
