A consortium led by Adani Power gets letter of intent to buy Coastal Energen
consortium led by Adani Power Ltd. has received a letter of intent to buy Coastal Energen Pvt., which is undergoing a corporate insolvency resolution process.
In a regulatory filing on Sunday, Adani Power Ltd said the LoI from the resolution professional was received Saturday after CEPL's committee of creditors approved the resolution plan submitted by the consortium.
«The implementation of the resolution plan is subject to the terms of the LOI and requisite approvals from the NCLT and any other regulatory authority under applicable laws,» Adani Power said.
A consortium led by the State Bank of India provided CEPL loans to set up a 1,200-megawatt thermal power project in Tamil Nadu.
Due to delays and a cost overrun, the project cost went up to Rs 7,870 crore, with a debt of Rs 6,296 crore and equity of Rs 1,574 crore.
