Shares of Adani Power Ltd were trading in the red and 2% lower on Monday, 24 February, despite the company announcing that they have received a LoI to acquire Vidarbha Industries Power. 

The company said they have received a Letter of Intent (LoI) for acquiring Vidarbha Industries Power Ltd (VIPL), which is undergoing an insolvency process under the Insolvency and Bankruptcy Code 2016. 

According to a statement, the Committee of Creditors of VIPL has approved Adani Power’s resolution plan.

The Maharashtra-based power company operates a 600 MW (2×300 MW) thermal power plant in the MIDC Industrial Area, Butibori, Nagpur.

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

Meanwhile, Adani Group Chairman Gautam Adani announced plans for multi-sector investments exceeding Rs 1.10 lakh crore in Madhya Pradesh. Speaking at the MP Global Investors Summit (GIS) 2025, he stated that these projects are expected to generate over 1.2 lakh jobs in the state by 2030.

Additionally, Adani revealed that the Group is in talks with the state government for a greenfield smart city, an airport project, and a coal-gasification initiative, requiring an additional Rs 1,00,000 crore investment.

At 3:30 pm, the shares of Adani Power closed 2.03% lower at Rs 468.95 on NSE.

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