Adani Power secures LoI to acquire GVK Energy; details here

Adani Power Ltd on Monday said its resolution plan for GVK Energy Ltd (GVKEL) has been approved by the Committee of Creditors (CoC), and the company has subsequently received a Letter of Intent (LoI) from the resolution professional.

In a post-market regulatory filing, Adani Power said GVKEL is undergoing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016.

"In this regard, APL has received a Letter of Intent (LoI) from the Resolution Professional (RP) on September 07, 2026, at 9.35 a.m," it stated.

GVKEL owns and operates a 330 MW hydroelectric power plant in Uttarakhand through its subsidiary Alaknanda Hydro Power Company Limited.

"The implementation of the resolution plan is subject to the terms of the LOI and requisite approvals from the National Company Law Tribunal, Hyderabad and / or any other regulatory authority / courts / tribunal (as the case may be) under applicable laws," Adani Power added.

The Competition Commission of India (CCI) had earlier in May approved Adani Power's proposal to acquire GVKEL.

Separately, Adani Power said its Environmental, Social, and Governance (ESG) performance score, as assessed by NSE Sustainability, improved to 66 from 65 in FY26.

"APL continues to rank higher than all other major Indian thermal, mixed fuel, and integrated energy companies, reflecting its unwavering ESG commitment and focus on sustainable growth with responsible business practices. It continues in the 'Aspiring' category," it stated.

Adani Power is part of the Adani portfolio and is the largest private thermal power producer in India. It has an installed thermal power capacity of 18,290 MW across 13 power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, Jharkhand, Tamil Nadu and Uttar Pradesh. It also has a 40 MW solar power plant in Gujarat.

Shares of Adani Power settled 1.09 per cent lower at Rs 204.75 on Monday.