Adani Power Ltd. (APL) announced on Monday that its resolution plan for GVK Energy Ltd. (GVKEL) has been approved by the Committee of Creditors (CoC). This significant development culminated in APL receiving a Letter of Intent (LoI) from the resolution professional on September 7, 2026, at 9:35 a.m.
GVKEL is currently navigating the Corporate Insolvency Resolution Process (CIRP) under India's Insolvency and Bankruptcy Code, 2016. The acquisition marks a crucial step in resolving GVKEL's financial challenges.
Regulatory Green Light and Future Steps
The Competition Commission of India (CCI) had previously given its clearance for Adani Power's proposal to acquire GVKEL back in May. This earlier approval cleared a major regulatory hurdle for the transaction.
However, the implementation of the resolution plan remains contingent upon several factors. Adani Power stated that the acquisition is subject to the terms outlined in the LoI and requires requisite approvals from the National Company Law Tribunal (NCLT) in Hyderabad, along with any other pertinent regulatory authorities, courts, or tribunals as mandated by applicable laws.
GVK Energy's Assets and Adani Power's Portfolio
GVKEL's primary asset is a 330 MW hydroelectric power plant located in Uttarakhand, operated through its subsidiary, Alaknanda Hydro Power Company Limited. This acquisition will further diversify Adani Power's extensive energy portfolio.
Adani Power, a key entity within the Adani Group, stands as India's largest private thermal power producer, boasting an installed capacity of 18,290 MW across 13 power plants. The company also operates a 40 MW solar power plant in Gujarat, highlighting its commitment to a mixed energy generation strategy. The company recently noted an improvement in its Environmental, Social, and Governance (ESG) performance score, rising to 66 from 65 in FY26, as assessed by NSE Sustainability.
Shares of Adani Power settled slightly lower on Monday, closing at Rs 204.75.