Adani Power has been declared the winning bidder for Lanco Amarkantak Power (LAPL), an active power producer, offering Rs 4,101 crore at the auction held on 07 February, 2024.

Lenders had pegged Adani Power's offer of Rs 4,101 crore as the base price for the auction of the thermal power company. They also stipulated that counter offers should be at least Rs 50 crore higher than the base bid for the auction to proceed. LAPL was admitted into corporate insolvency resolution (CIRP) proceedings in September 2019 by the National Company Law Tribunal in Hyderabad, but its resolution got delayed for various reasons.

Later, when lenders restarted the sale process, Adani, Reliance Industries and the PFC-led consortium showed interest in acquiring the company. Thereafter, Adani Power made an unsolicited improved offer of Rs 3,650 crore, and later, it improved the offer to Rs 4,101 crore.