CAM, L&L, Khaitan lead on Adani Power’s acquisition of GMR Chhattisgarh Energy for 3,530 crore
Dealstreet

CAM, L&L, Khaitan lead on Adani Power’s acquisition of GMR Chhattisgarh Energy for 3,530 crore

Bar & Bench

Adani Power has completed the acquisition of GMR Chhattisgarh Energy (GCEL), which owns and operates a 1,370 MW (2 X 685 MW) power plant at Raikheda village in Raipur.

52.38% of the equity stake in GCEL was acquired from its consortium of lenders, following the approval of Adani Power’s resolution plan to acquire a controlling equity stake and restructure its debt. The balance 47.62% stake was acquired from GMR Group.

The acquisition of GCEL has concluded at an enterprise valuation of approx. 3,530 crore, reported Mint.

Cyril Amarchand Mangaldas advised Adani Power and the team was led by Partner Ramanuj Kumar.

L&L Partners acted for the consortium of lenders of GMR and the team was led by Partner Bikash Jhawar along with Partner Rohit Raghavan, Managing Associate Satadru Goswami, and Associates Sourav Padhi, Aryadevi, Kavya Gupta, Rasika Rasam, and Sikander Wankhede.

Khaitan & Co acted for GMR.

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