So, Coastal Energen was left with no other option but to depend on other companies in the power sector to implement the project. As stated in Adani latest news, in February 2022, the Chennai bench of the National Company Law Tribunal admitted to the insolvency application which was filed by SBI against Coastal Energen. Numerous creditors of the Chennai-based company had started submitting claims of over INR 12,000 crore.

1. Lenders
Approve
Adani
Power’s Offer
for Chennai-
based Coastal
Energen

2. So, Coastal Energen was left with no other option but to depend on
other companies in the power sector to implement the project. As
stated in Adani latest news, in February 2022, the Chennai bench of the
National Company Law Tribunal admitted to the insolvency application
which was filed by SBI against Coastal Energen. Numerous creditors of
the Chennai-based company had started submitting claims of over INR
12,000 crore.

3. Adani Power was not the only company that was willing to acquire the
project. There were a lot of other companies as well, which were also
in the race to acquire Coastal Energen. Some of the popular names
include Torrent Power, Vedanta, Jindal Power, and Dickey Alternative
Investment Fund.

4. Adani Power’s offer for
Chennai-based Coastal
Energen reflects the
company’s hold in the power
sector. It also highlights
Adani Group’s willingness to
expand its boundaries in the
power sector further. For
more such Adani latest
news, keep following us.

5. Coastal Energen already operates two different 600 MW units in
Tamil Nadu; it has an existing power purchase agreement with Tamil
Nadu Generation and Distribution Corp that extends till September
2028 for one of its units. However, there were a lot of delays and
cost overruns during the project’s operations, which caused the
project cost to increase from INR 4,297 crore to INR 7,870 crore.