Jindal Power to acquire Bhadreshwar Vidyut as lenders approve Rs 500 cr bid

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Jindal Power to acquire Bhadreshwar Vidyut as lenders approve Rs 500 cr bid - Business Standard

Quick Summary:

The Committee of Creditors (CoC) of Bhadreshwar Vidyut, which is currently going through an insolvency resolution process, has voted in favour of the resolution plan by Jindal Power Limited (JPL), a Naveen Jindal Group company, according to industry sources.

As per the provisions of the Insolvency & Bankruptcy Code (IBC), the resolution professional of the debt-ridden thermal power producer will send the plan to the National Company Law Tribunal for final approval.

Jindal Power Limited is set to acquire Bhadreshwar Vidyut for nearly Rs 500 crore as the lenders of the Gujarat-based thermal power producer have approved its bid.