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Adani Power Mundra likely to approach NCLT for bankruptcy protection

This comes after its lenders stepped back from stake-sale negotiations with Gujarat Urja Vikas Nigam (GUVNL), the state power distribution company

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Adani Power  |  Nclt  |  Ibc

Vinay Umarji  |  Ahmedabad 

Adani Power Mundra, a subsidiary of Adani Power, is likely to approach the National Company Law Tribunal (NCLT) for bankruptcy protection.

This comes after its lenders stepped back from stake-sale negotiations with Gujarat Urja Vikas Nigam (GUVNL), the state power distribution company. Unable to service its power purchase agreement (PPA) amid rising costs, Adani Power, along with Tata Power and Essar Power, had initiated talks with GUVNL to buy 51 per cent stake in their conventional power plants in the state, for a token Rs 1. “While we do not have official ...

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First Published: Fri, June 01 2018. 06:33 IST
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