The acquisition of EPML by Adani Power has been approved.
Adani Power Ltd was the successful bidder for Essar Power MP Ltd (EPML), which runs a 1,200-MW power plant in Singrauli, Madhya Pradesh, on June 19, 2021. The National Business Law Tribunal (NCLT) has accepted the resolution plan for acquiring Essar Power's Mahan Project Limited (EPML), a company undergoing insolvency resolution under the Insolvency and Bankruptcy Code, Adani Power Limited notified the NSE on the 3rd of November.
The Mahan-Sipat transmission line supplies power from Essar Power's Mahan power facility. To provide coal and other raw materials, it is connected to a railway siding 18 kilometres away from the factory. The Mahan Project will cost Adani Power close to Rs 3,000 crore.
Adani Power stated in a regulatory filing “In continuation to our letter dated June 18, 2021, this is to inform that the Hon'ble National Company Law Tribunal, Principal Bench at New Delhi, has placed on its website on November 02, 2021, its order dated November 01, 2021, approving the resolution plan submitted by Adani Power Limited for the acquisition of EPMPL, a company undergoing insolvency resolution under the Insolvency and Bankruptcy Code," The acquisition is conditional on the fulfilment of the resolution plan's prerequisite requirements.
Niyogin Fintech will invest Rs 100 crore, with a total transaction value of Rs 2,000 crore.
Niyogin Fintech, a publicly traded fintech platform, announced that its board of directors has approved plans to invest Rs 100 crore in order to promote growth after quarterly total transaction value surpassed Rs 2,000 crore.
The company (Niyogin Fintech) provides services to India's underserved MSMEs and rural residents, and it operates in a variety of sectors including rural technology, credit, and wealth management. It also uses a hybrid approach, in which it delivers technology solutions to its partners across all of its segments, who then handle the physical leg of customer service for a revenue share. The company has been assisting retail stores in rural areas in providing payments and financial transactions to customers in the area.
The board's approval of the hyper growth business plan, which includes an investment of up to Rs 1 billion to build the most comprehensive financial inclusion platform offering in the market, allowing the company to scale quickly and build multiple-interlinkages with open architecture and in a modular format, excites the c-ofounder Amit Rajpal. “We can sustain such initiatives because of our robust balance sheet, which positions us for exponential development over the next two years.” States Amit Rajpal.
CEO of Niyogin Fintech Limited stated that their choice to invest further funds in the company will allow them to increase the addressable market and add different products, allowing them to create the most comprehensive fintech infrastructure platform. This will be a comprehensive solution for their partners, which will be available as a standalone application, API (Applications Programming Interface) or SDK (Software Development Kit) depending on their needs.
The company reported consolidated total income of Rs 25.9 crore for the quarter ended September, up 230.5 percent year on year. The total number of rural-tech partners increased by 45.9% to 518, while the number of rural distribution touch points doubled to 198,593. For the quarter, the gross transaction value (GTV), which includes rural-tech rewards, increased to Rs 2,100 crore.
Author: Kovid Gopikaramanan