Gandhinagar: Jindal Power, promoted by Indian billionaire Naveen Jindal, is set to acquire Gujarat-based thermal power company Bhadreshwar Vidyut Pvt Ltd. for approximately ₹500 crore under the corporate insolvency resolution process, according to a new report. The acquisition will give Jindal Power a strategic foothold in Gujarat.

It is learnt that Jindal Power recently secured approval from the Committee of Creditors (CoC) and received the Letter of Intent. The final resolution plan is valued at around ₹470 crore. The company plans to fund the acquisition through internal accruals and invest an additional ₹25-50 crore in capital expenditure for the acquired entity.

Previously known as OPGS Power Gujarat, Bhadreshwar Vidyut is a special-purpose vehicle promoted by the OPG Group. It operates two coal-based power plants of 150 MW each in Kutch, developed at a project cost of ₹1,640 crore with a 75:25 debt-equity ratio. The company entered insolvency proceedings in October 2022 after lenders rejected a debt restructuring plan. DeshGujarat