Lanco now becomes Adani Power Plant, transfer process complete

Korba (Team Newsbuddy): : Lanco Power Plant has now completely converted into Adani Power Limited (APL). The transfer process took place between the top officials of Lanco and Adani in Hyderabad two days ago, after which the work at the Lanco plant in Korba also started from Thursday in the name of Adani Power. Within the next two months, the board of the plant will be changed and registered as Adani Power Limited.

Lanco management closed its bank accounts on August 21 and work has now started from the bank accounts of Adani Power. There are currently 525 officers and employees working here. These will remain as they are, only top level officials will be sent to Adani Power. This process will also be completed soon, so that the plant can function as per Adani’s policies. Lanco’s two units of 300 MW each are operational in 1337 acres of land in village Patadhi in Korba district since 2008-09. 11 companies and banks had liabilities of Rs 14,632 crore. Power Finance Corporation had the highest liability of about Rs 7,000 crore. The auction process of Lanco was completed in two years by the National Company Law Tribunal (NCLT). Lanco’s Patadhi plant is supplying 300 MW electricity each to Haryana and Madhya Pradesh.
Lanco is Adani’s third business property in Chhattisgarh. Earlier, Adani had taken over GMR power plant located near Tilda. Earlier, Adani management has taken over a private plant located in Korba. Apart from this, it has placed a bid of Rs 27,000 crore for KSK Mahanadi Power located in village Akaltara, which is the highest. This plant is of 1800 MW and the MoU is of 3600 MW. NTPC has also placed a bid for this plant. Adani is also preparing to take over the DB Power Plant in Champa-Janjgir.