Adani Power acquires Reliance Power's former subsidiary for ₹4,000 crore; stock rises nearly 3%

Shares of Adani Power rose nearly 3% in opening trade on Tuesday after the power arm of the Adani Group successfully completed the acquisition and implementation of the resolution plan of Vidarbha Industries Power Ltd (VIPL) for ₹4,000 crore. The acquired asset, a 2×300 MW domestic coal-based power plant, is located in Butibori, Nagpur district, Maharashtra.

Reacting to the news, Adani Power shares rose by as much as 2.56% to ₹612 on the BSE, while its market capitalisation climbed to ₹2.35 lakh crore. The Adani Group stock opened higher at ₹603 against the previous closing price of ₹596.70 apiece.

Vidarbha Industries Power, a former subsidiary of Reliance Power, was undergoing the corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code (IBC). The Mumbai Bench of the National Company Law Tribunal (NCLT) approved Adani Power’s resolution plan on June 18, 2025, which was subsequently implemented on July 7, 2025. Reliance Power, controlled by Anil Ambani, had exited VIPL after pledging all its shares to CFM Asset Reconstruction Private Limited (CFM ARC), an asset reconstruction company.

“The acquisition of VIPL marks a key milestone in our strategy to unlock value through the turnaround of stressed assets. As we expand our portfolio, we remain committed to India’s vision of ‘Electricity for All’ by delivering reliable and affordable base-load power to support sustainable economic growth,” said S.B. Khyalia, CEO, Adani Power.

With this acquisition, Adani Power’s operational capacity rises to 18,150 MW. The company is aggressively pursuing further expansion through both brownfield and greenfield ultra-supercritical thermal power projects, the company said in a release.

The Adani Group company is currently constructing six brownfield ultra-supercritical power plants (USCTPP) of 1,600 MW each at its existing locations at Singrauli-Mahan in Madhya Pradesh, Raipur, Raigarh, and Korba in Chhattisgarh, and Kawai in Rajasthan, in addition to a 1,600 MW greenfield USCTPP at Mirzapur, Uttar Pradesh, the release noted.

Apart from this, it is also reviving the construction of a 1,320 MW supercritical power plant at Korba that it had acquired earlier. With this, Adani Power would cement its position as India’s largest private base load power generation company with 30,670 MW of operational capacity by 2030, said the company.

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