Adani Power consortium bid for Coastal Energen stayed
3 months, 2 weeks ago

Adani Power consortium bid for Coastal Energen stayed

New Indian Express  

NEW DELHI: The Chennai bench of the National Company Law Appellate Tribunal has stayed the NCLT order approving the resolution plan of the consortium of Dickey Alternative Investment Trust and Adani Power for acquisition of assets of Chennai-based power generation company Coastal Energen. The promoter of the power company has contended that Adani Power piggy-backed DAIT to get a back-door entry into the bidding process after Adani’s expression of interest was rejected by the resolution professional for delayed submission. Adani Power initially faced setbacks in the bidding process under the Insolvency and Bankruptcy Code during Coastal Energen’s insolvency proceedings. After a late EoI was rejected, Adani Power formed a partnership with DAIT to re-enter the fray.

Chennai Power Nclt Dait Coastal Energen Rejected Adani  stayed  resolution  coastal  rejected  adani  bid  dait  bidding  tribunal  consortium  nclt  energen  company  power

History of this topic

Adani deal under bribery scrutiny was approved against officials’ advice
6 days, 8 hours ago

Adani deal under bribery scrutiny was approved against officials’ advice

The Hindu  

The approach from the Solar Energy Corporation of India on September 15, 2021 came out of the blue. Two years earlier, Andhra Pradesh's energy regulator had said in a 10-year forecast the State had no short-term need for solar power, and should focus on other renewables that could provide 24-hour energy. The news agency spoke to a former State power …

Adani allegations shine spotlight on India’s clean energy conundrum
3 weeks, 4 days ago

Adani allegations shine spotlight on India’s clean energy conundrum

The Hindu  

Published : Nov 28, 2024 11:22 IST - 4 MINS READ Bribery allegations against the Adani Group founder Gautam Adani have highlighted the growing problem India’s renewable energy developers face in finding buyers for the power they generate. The challenges were stark in the case of Adani Green, India’s largest renewable energy company, which took over three years to strike …

Adani ‘bribery’ case: Is Andhra Pradesh planning to cancel power deal with Adani Group?
Top News
3 weeks, 6 days ago

Adani ‘bribery’ case: Is Andhra Pradesh planning to cancel power deal with Adani Group?

Live Mint  

The Andhra Pradesh state government is reviewing official files and will explore if there is a possibility of cancelling a power supply contract linked to the Adani Group, reported the news agency Reuters, quoting Finance Minister of the State, Payyavula Keshav, on November 26. The indictment release from the US authorities also said that after payment of the alleged bribes …

Adani bribery case: Accused executive’s new company landed a $1.2 billion investment pact from REC in September
4 weeks, 1 day ago

Adani bribery case: Accused executive’s new company landed a $1.2 billion investment pact from REC in September

Live Mint  

Bengaluru: The chief executive of a two-year-old zero-revenue green energy company that recently scored a ₹10,000 crore investment commitment from REC Ltd is among those indicted in the $250 million Adani bribery case. New Delhi-based Ocior Energy’s co-founder and CEO Ranjit Gupta was the chief executive of Azure Power Global Ltd, the company in the thick of the bribery charges …

No business dealings with Adani Group, only SECI: Tamil Nadu power minister
1 month ago

No business dealings with Adani Group, only SECI: Tamil Nadu power minister

India Today  

Power minister Senthil Balaji clarified that for the past three years, there was no business relationship between DMK-led state government’s Tamil Nadu Electricity Board and the Adani Group. According to Balaji, Tamil Nadu signed a power agreement only with the Solar Energy Corporation of India Limited, which is a central government entity. Speaking to reporters in Karur, Balaji stated: “Keeping …

Adani Group subsidiary cancels $600 million bond sale after US indictment
1 month ago

Adani Group subsidiary cancels $600 million bond sale after US indictment

New Indian Express  

MUMBAI: Indian conglomerate Adani Group's green energy subsidiary said Thursday it had cancelled a US dollar-denominated bond sale, in its first statement acknowledging US criminal charges against billionaire founder Gautam Adani. "In light of these developments, our subsidiaries have presently decided not to proceed with the proposed USD-denominated bond offerings," Adani Green Energy's statement said. Gautam Adani, chairman of the …

NCLAT issues notice to Adani Power on plea contesting acquisition of Lanco Power
1 month, 2 weeks ago

NCLAT issues notice to Adani Power on plea contesting acquisition of Lanco Power

Live Mint  

The National Company Law Appellate Tribunal issued a notice to Adani Power Ltd on Monday in response to a plea challenging its approved resolution plan to acquire the bankrupt Lanco Amarkantak Power Limited. The National Company Law Tribunal’s Hyderabad bench had approved Adani Power’s plan in August. Through the acquisition, Adani Power aims to enhance its status as India’s leading …

NCLAT orders status quo on Coastal Energen insolvency resolution process
3 months, 2 weeks ago

NCLAT orders status quo on Coastal Energen insolvency resolution process

The Hindu  

The National Company Law Appellate Tribunal, Chennai on Friday ordered status quo to be maintained as on date in the matter of Corporate Insolvency Resolution Process of Coastal Energen Private Limited, based on an appeal filed against the approval of a ₹3,335.52 crore resolution plan submitted by Dickey Alternative Investment Trust and Adani Power Limited consortium for the company. Interestingly, …

NCLT approves Dickey Alternative, Adani Power consortium resolution plan for Coastal Energen
3 months, 3 weeks ago

NCLT approves Dickey Alternative, Adani Power consortium resolution plan for Coastal Energen

The Hindu  

India’s National Company Law Tribunal on Friday approved Dickey Alternative Investment Trust and Adani Power Limited’s ₹3,335.52 crore resolution plan for bankrupt Coastal Energen Private Limited, which owns and operates an imported coal-based thermal power plant at Tuticorin, Tamil Nadu. In February, the Dickey Alternative Investment Trust and Adani Power Limited received approval from Competition Commission of India for acquiring …

Adani Ports, Adani Ent share price gain over 2-3%; Here’s why
1 year, 5 months ago

Adani Ports, Adani Ent share price gain over 2-3%; Here’s why

Live Mint  

Adani Group stocks gained around 2% to 3% each on Monday, with Adani Enterprises share price rallying over 3%. The Adani Group on July 15 announced the commissioning of India’s first transnational project at Godda in Jharkhand to supply power to the Bangladesh electricity grid. Gautam Adani, Chairman of Adani Group, called on Bangladesh Prime Minister Sheikh Hasina in Dhaka …

Adani headwinds could spread to other Indian companies seeking ESG financing
1 year, 10 months ago

Adani headwinds could spread to other Indian companies seeking ESG financing

Live Mint  

Mumbai: The strong headwinds faced by the Adani group, which has been at the forefront of issuing international green and sustainability bonds, could impact access to offshore ESG-linked financing plans of other Indian companies, according to environmental, social and governance analysts. According to its website, the Dow Jones Sustainability World Index represents the top 10% of the 2,500 largest companies …

Adani Green Energy arm to acquire 50% in Essel Saurya Urja Company of Rajasthan
1 year, 11 months ago

Adani Green Energy arm to acquire 50% in Essel Saurya Urja Company of Rajasthan

Live Mint  

Adani Green Energy arm on Wednesday said that it will acquire 50 per cent equity in Essel Saurya Urja Company of Rajasthan Ltd from Essel Infraprojects for ₹15 crore. Adani Green Energy's renewable arm Adani Renewable Energy Holding Two Ltd has entered into a binding term sheet with Essel Infraprojects Ltd on January 17, 2023 to this effect, Adani Green …

Adani eyeing stake in state-backed power trader PTC India
1 year, 11 months ago

Adani eyeing stake in state-backed power trader PTC India

Live Mint  

A stake for sale in state-backed electricity trader PTC India Ltd. is attracting initial interest from potential suitors including Asia’s richest man Gautam Adani, according to people familiar with the development. State-owned entities NTPC Ltd., NHPC Ltd., Power Grid Corp. of India and Power Finance Corp. are working with an adviser to weigh selling their stakes of around 4% each, …

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