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Adani Power acquires GCEL

Adani Power Limited (APL), India’s largest private sector thermal power producer, announced the completion of acquisition of GMR Chhattisgarh Energy Ltd. (GCEL), which owns and operates a 1370 MW (two 685 MW) supercritical power plant in Raikheda village, in Raipur District of Chhattisgarh. 52.38% of the equity stake in GCEL was acquired from its consortium of lenders, following the approval of APL’s resolution plan to acquire a controlling equity stake and restructure its debt. The balance 47.62% equity stake was acquired from the GMR Group. The acquisition of GCEL was concluded at an enterprise valuation of approximately Rs.3530 Crore.The Raikheda power plant, which utilises boiler and turbine generator equipment supplied by Doosan Heavy .....

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