"This is to inform that the Committee of Creditors of Essar Power M P Ltd (EPMPL), a company undergoing insolvency resolution under the Insolvency and Bankruptcy Code, has approved the Resolution Plan submitted by Adani Power Ltd," a BSE filing by Adani Power said on Friday.
EPMPL owns a 1,200 MW power plant in Singrauli district, Madhya Pradesh, it added.
Pursuant to this approval, the Resolution Professional appointed by the National Company Law Tribunal, Delhi has issued a letter of intent dated June 17, 2021, to the company, it stated.
According to industry sources, the deal size of the project is estimated at around ₹2,800- ₹3,000 crore.
The closure of the transaction will be subject to obtaining necessary approval from the NCL T and satisfaction of conditions precedent under the resolution plan.