NTPC acquires Jhabua Power Ltd through corporate insolvency resolution route
New Delhi [India], September 6 (ANI): NTPC Ltd, an integrated power producer, has successfully acquired Jhabua Power Limited (JPL) through Corporate Insolvency Resolution Process initiated by National Company Law Tribunal, Kolkata, (NCLT).
ANI
Sep 06, 2022 01:43 IST
New Delhi [India], September 6 (ANI): NTPC Ltd, an integrated power producer, has successfully acquired Jhabua Power Limited (JPL) through Corporate Insolvency Resolution Process initiated by National Company Law Tribunal, Kolkata, (NCLT).
This is the first acquisition of a power asset by NTPC through the NCLT route, a step forward in accomplishing NTPC's long-term capacity targets.
Shareholders agreement was signed between NTPC, JPL and Secured Financial Creditors on Monday in New Delhi.
"It is a unique Resolution Plan wherein NTPC has offered a 50 per cent equity stake in JPL to the secured financial creditors while NTPC has retained all the management rights and control over the company," said an official statement.
Jhabua Power Limited (JPL) is having an operational thermal power capacity of 1 x 600 MW located in Seoni, Madhya Pradesh. Post-acquisition of JPL, NTPC has become a 70+ GW company with a total installed capacity of 70,064 MW.
"With a target set to achieve an installed capacity of 130 GW by 2032 from a diversified portfolio, NTPC has been exploring various opportunities for capacity expansion through both organic and inorganic routes," said the statement. (ANI)
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