Adani Power wins GVK Energy bid: LOI on Sep 7, 2026

Deal update and why it matters

Adani Power Limited has moved a step closer to acquiring GVK Energy Limited (GVKEL) after the Committee of Creditors (CoC) approved Adani Power’s resolution plan under the Corporate Insolvency Resolution Process (CIRP). Following the CoC’s endorsement, the Resolution Professional issued a Letter of Intent (LOI) to Adani Power on September 7, 2026. The company said the LOI was received at 9:35 a.m. The proposed acquisition is positioned as a way to add hydro capacity to Adani Power’s clean energy expansion strategy. The transaction is subject to conditions in the LOI and further statutory clearances. Final implementation remains contingent on approval from the National Company Law Tribunal (NCLT), Hyderabad, and any other applicable regulatory authorities, courts, or tribunals.

CoC approval leads to formal LOI issuance

The sequence of events is typical for insolvency-led acquisitions under the Insolvency and Bankruptcy Code, 2016. The CoC’s approval is the key commercial vote in the CIRP framework, after which the Resolution Professional issues the LOI to the successful resolution applicant. In this case, Adani Power has been declared the successful resolution applicant for GVK Energy Limited. The LOI issuance on September 7, 2026 formalises the outcome of the creditor vote and enables the next stage of the process. The company has indicated that closure is not automatic and will depend on regulatory approvals and the NCLT’s order. Until the NCLT process is complete, the resolution plan remains an approved proposal rather than a consummated takeover.

Resolution plan value and bidding dynamics

Adani Power submitted a resolution plan bid of ₹5,725 crore for GVK Energy. The bidding outcome was influenced by a withdrawal from the highest bidder during the process. Purvah Green, part of the RPSG Group, withdrew its ₹5,750 crore bid. With that withdrawal, Adani Power’s ₹5,725 crore offer became the leading resolution plan and ultimately received CoC approval. This detail matters because insolvency auctions can change direction when bidders reassess assumptions, financing, or conditions attached to the assets. The CoC endorsement indicates creditors accepted Adani Power’s plan terms, but the article does not provide the voting share, recovery estimates, or plan conditions.

The asset: 330 MW Alaknanda hydro plant in Uttarakhand

GVK Energy owns and operates a 330 MW hydroelectric power plant in Uttarakhand through its subsidiary, Alaknanda Hydro Power Company Limited. The acquisition would transfer ownership and management control of this hydro asset to Adani Power, once all approvals are in place. For Adani Power, the deal is framed as a strategic addition of hydro capacity. Hydro generation can complement thermal and renewable portfolios by providing flexible supply, but the article does not specify offtake arrangements, tariffs, or operational metrics for the plant. What is confirmed is the capacity, location, and operating subsidiary structure.

Regulatory pathway: NCLT approval remains the final gate

Adani Power’s exchange communication highlights that implementation is subject to the LOI terms and approvals from NCLT, Hyderabad. Under the CIRP framework, the adjudicating authority’s approval is required before a resolution plan becomes binding and can be implemented. The company also referred to the possibility of other applicable regulatory authorities, courts, or tribunals being relevant. This is a standard caveat for transactions that can intersect with sector regulations and legal processes. The timeline for NCLT approval is not provided in the article, and no hearing date is mentioned.

CCI clearance: a milestone already crossed

Separately, Adani Power has stated it has secured Competition Commission of India (CCI) approval to acquire 100% share capital and control of GVK Energy Limited. The CCI clearance is described as a required step that must be in place before the CoC can formally evaluate a bidder’s resolution plan. The text also references that CCI had approved the transaction on May 12, as per the cited exchange filing context, though the year is not specified. The broader point is that antitrust approval was obtained, clearing a key regulatory hurdle for participation and evaluation within the insolvency process.

Background: how GVK Energy entered CIRP

The article states that GVK Energy was admitted into CIRP on May 6, 2025. The admission followed lenders initiating insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code due to payment defaults. An Expression of Interest (EOI) invitation was issued on July 10, 2025. After the EOI, Adani Power and other bidders submitted resolution plans. Earlier updates described those bids as being under review at that time, before the CoC’s eventual approval of Adani Power’s plan that led to the September 7, 2026 LOI.

What changes operationally once LOI is issued

The LOI indicates that the Resolution Professional has formally communicated the CoC-approved outcome to the successful resolution applicant. The article also notes that GVK Energy transitions out of active insolvency management as the Resolution Professional hands over the LOI to Adani Power. However, the transaction is not complete at LOI stage because the plan still needs NCLT approval. Operational control transfer, ownership transfer, and management changes would depend on the plan becoming effective post-approval. The article does not provide details on interim operations, employee continuity, or creditor settlement steps.

Key facts at a glance

What investors will track next

The immediate next milestone is the NCLT, Hyderabad approval of the CoC-approved resolution plan. Investors and sector watchers will also monitor any additional regulatory clearances referenced by the company. Since the article does not include a closure timeline or post-acquisition integration plan, the market’s focus is likely to remain on procedural progress and formal approvals. Any subsequent filings could provide clarity on plan implementation steps, conditions precedent, and when the transfer of ownership and control becomes effective.

Conclusion

Adani Power has received an LOI to acquire GVK Energy after the CoC approved its ₹5,725 crore resolution plan, bringing a 330 MW Uttarakhand hydro asset closer to its portfolio. The transaction now hinges on NCLT, Hyderabad approval and other required regulatory processes, with the next formal update expected through subsequent statutory filings or tribunal orders.