According to reports from CNBC TV18, Adani Power has been declared the successful resolution applicant for GVK Energy Limited after the Committee of Creditors (CoC) approved its resolution plan for the company. The company received a Letter of Intent (LOI) from the Resolution Professional at 9:35 a.m. on September 7, 2026, as confirmed by Adani Power in a post-market regulatory filing. As per Adani Power Limited, the company has successfully acquired GVK Energy Limited and its 330 MW hydroelectric power plant through a resolution plan approved by GVKEL's Committee of Creditors, which is undergoing the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016.
As reported by CNBC TV18, GVK Energy owns and operates a 330 MW hydroelectric power project in Uttarakhand through its subsidiary, Alaknanda Hydro Power Company Limited. The proposed acquisition is being carried out through the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, adding significant renewable energy capacity to Adani Power's portfolio. GVK Energy's core asset is a 330 MW hydroelectric power plant located in Uttarakhand, operated through its subsidiary, Alaknanda Hydro Power Company Limited.
In a significant strategic move, Adani Power announced it will transfer a 2,500 MW renewable power contract to Maharashtra to a group company to focus on core baseload generation. The company has agreed to transfer the Letter of Award received from Maharashtra State Electricity Distribution Co. Ltd. to Powerpulse Trading Solutions Ltd., a wholly owned subsidiary of Adani Energy Solutions Ltd. MSEDCL awarded the contract on April 2, 2026, calling for 2,500 MW of renewable power supply around the clock for 25 years from the scheduled start of supply. This transfer allows Adani Power to concentrate on its core business of generating baseload power under long-term contracts, which typically provide more predictable revenue and profitability.
According to CNBC TV18, the Competition Commission of India had approved Adani Power's proposed acquisition of 100% of GVK Energy's share capital and control in May. However, the LOI does not mean the acquisition is complete, as Adani Power stated that implementation of the resolution plan remains subject to the terms of the LOI and approvals from the National Company Law Tribunal (NCLT), Hyderabad, as well as any other regulatory authorities, courts or tribunals where required. The successful implementation of this resolution plan is contingent upon the terms outlined in the LOI and the receipt of necessary approvals from the National Company Law Tribunal, Hyderabad, and potentially other regulatory bodies or courts as required by law.
As reported by CNBC TV18, Adani Power shares closed at ₹208 on Tuesday, down 1.72%, or ₹3.51 from the previous close, reflecting investor uncertainty about the completion of the acquisition process despite the positive LOI development. Following the approval, Adani Power Limited has successfully acquired GVK Energy Limited and its 330 MW hydroelectric power plant through a resolution plan approved by GVKEL's Committee of Creditors. The company continues its strategic focus on long-term capacity expansion across thermal, nuclear, and hydroelectric projects overseas while maintaining its position as the largest private thermal power producer in India with an installed thermal power capacity of 18,290 MW across 13 power plants.
