Adani Power Completes ₹4,000 Crore VIPL Acquisition, Eyes 30,670 MW by 2030

Introduction to the Acquisition

Adani Power Ltd. (APL), India's largest private thermal power producer, has successfully completed the acquisition of Vidarbha Industries Power Ltd. (VIPL) for a total consideration of ₹4,000 crore. The transaction was finalized through the Corporate Insolvency Resolution Process (CIRP). This strategic move adds VIPL's 600 MW coal-fired power plant in Nagpur, Maharashtra, to Adani Power's portfolio, increasing its total operational capacity to 18,150 MW. The acquisition underscores APL's strategy of expanding its footprint by turning around stressed assets in the power sector.

The Insolvency and Resolution Journey

Vidarbha Industries Power Ltd., which operates two 300 MW domestic coal-fired units in Butibori, was undergoing financial distress, leading to its admission into the CIRP under the Insolvency and Bankruptcy Code (IBC). Adani Power emerged as the successful resolution applicant in a competitive bidding process. The resolution plan, valued at ₹4,000 crore, received the crucial approval from the Mumbai Bench of the National Company Law Tribunal (NCLT) on June 18, 2025. Following the tribunal's nod, the plan was officially implemented on July 7, 2025, making VIPL a wholly-owned subsidiary of Adani Power.

Clearing Legal Hurdles

The path to acquisition was not without challenges. The resolution plan faced legal opposition from parties including Western Coalfields Limited and a group of VIPL employees, who filed appeals against the NCLT's approval. However, the National Company Law Appellate Tribunal (NCLAT) in Delhi dismissed these appeals. The appellate tribunal found that the objections lacked merit and confirmed that the resolution plan did not violate any provisions of the Insolvency and Bankruptcy Code. The NCLAT's ruling affirmed that the Committee of Creditors had exercised its commercial wisdom appropriately, paving the way for the seamless completion of the transaction.

Strategic Vision and Leadership Commentary

SB Khyalia, Chief Executive Officer of Adani Power Ltd., described the acquisition as a significant step in the company's growth strategy. "The acquisition of VIPL is a key milestone in Adani Power’s strategy to unlock value through the turnaround of stressed assets," he stated. Khyalia emphasized the company's alignment with national goals, adding, "As we continue expanding our portfolio, we remain committed to supporting India’s vision of ‘Electricity for All’ by delivering reliable, affordable base-load power that fuels the country’s sustainable growth." This move reinforces APL's focus on acquiring and reviving valuable assets to strengthen its market position.

Breakdown of the Resolution Plan

The ₹4,000 crore resolution plan provides a structured settlement for VIPL's various creditors. The plan was unanimously approved by the Committee of Creditors (CoC), ensuring a balanced approach to resolving the company's liabilities.

Adani Power has also committed to funding any future revival and maintenance costs from its own resources, separate from the resolution amount.

Adani Power's Ambitious Expansion Trajectory

With the VIPL acquisition complete, Adani Power is aggressively pursuing further expansion to solidify its leadership in the Indian power sector. The company has set a target to achieve an operational capacity of 30,670 MW by 2030. This growth will be driven by a combination of brownfield and greenfield projects. Currently, APL is constructing six brownfield Ultra-Supercritical Power Plants (USCTPP) of 1,600 MW each at its existing sites in Madhya Pradesh, Chhattisgarh, and Rajasthan. Additionally, a 1,600 MW greenfield USCTPP is under development in Mirzapur, Uttar Pradesh. The company is also reviving a previously acquired 1,320 MW supercritical power plant in Korba, Chhattisgarh.

Market Impact and Stock Performance

The acquisition is a significant development for the power sector, highlighting the effectiveness of the IBC in resolving large stressed assets. For Adani Power, it provides an immediate capacity boost and a strategic presence in Maharashtra. On the market front, shares of Adani Power reflected a minor correction following the news. On January 19, 2026, the stock closed at ₹140.30 on the stock exchange, down ₹2.33, or 1.63%.

Conclusion: A Strengthened Position

The successful acquisition of Vidarbha Industries Power Ltd. marks a pivotal achievement for Adani Power. It not only enhances the company's generation capacity but also demonstrates its capability in navigating complex insolvency resolutions. By integrating the 600 MW plant, APL moves closer to its long-term goal of becoming a 30,670 MW entity by 2030. This strategic expansion is set to play a crucial role in meeting India's growing energy demands with reliable and affordable power.