GMR Chhattisgarh Energy Ltd. (GCEL)'s 2 x 685 MW super critical coal based power plant located in Raikheda, Tilda block, in Raipur district of Chhattisgarh. Units commissioned in June 2015 and April 2016 respectively.
Case 4 short term Power Purchase Agreement with the Gujarat Urja Vikas Nigam Ltd under which it presently supplies power to Gujarat.
Rs. 8,892 crore
Debt owed to 15 banks.
Rs 2,992 crore
debt converted into equity as part of the SDR plan for change in management.
equity holding of a consortium of 15 banks led by Axis Bank and including State Bank of India, Bank of India, Canara Bank, Bank of Baroda and HDFC Ltd, as a result of SDR.
29 Dec 2017
Consortium seeks interest from global and domestic players to offload equity. Vedanta Group, Torrent Power, Neyveli Lignite Corp, Adani Power and JSW Energy have put in final bids for the project.
Vedanta makes an offer of Rs 2,500 crore, the offered price estimates the cost of the plant at Rs 1.8 crore/MW, significantly lower than the Rs 6 crore/MW needed to set up a coal-based power generation asset.
24 Jun 2019
Consortium of lenders, led by Axis Bank, issue a Letter of Intent approving Adani Power's (APL) resolution plan to acquire controlling equity stake and restructure debt in GCEL.
26 Jun 2019
Adani Power informs the exchanges that it would acquire 100% in GMR Chhattisgarh Energy under which it would buy 52.38% from the lenders, and the balance 47.62% from the GMR Group.
02 Aug 2019
Adani Power completes acquisition of GCEL. The acquisition was concluded at an Enterprise Valuation of approx. Rs. 3,530 crore.