Adani Power Limited (APL) saw its shares rise by nearly 2% following the approval to acquire Lanco Amarkantak Power Limited (LAPL) for ₹4,101 crore. The acquisition, which will be completed through an upfront cash payment, will give APL 100% ownership of LAPL.
The National Company Law Tribunal (NCLT) has approved Adani Power’s resolution plan, and the company has until October 20, 2024, to finalize the acquisition. This move will increase APL’s operational power generation capacity to 15,850 MW, further solidifying its position as a leading private-sector power producer in India.
Lanco Amarkantak Power Limited currently operates a 600 MW thermal power plant in Korba District, Chhattisgarh, which supplies power to Haryana and Madhya Pradesh DISCOMs under long-term agreements. Additionally, LAPL is expanding with a 1,320 MW project under development.
As of 9:27 am, Adani Power shares were trading 1.38% higher at ₹683.00.
