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New Delhi: On May 12, the Competition Commission of India (CCI) has officially approved Adani Power’s acquisition of a 100% stake in GVK Energy Ltd. The company is under insolvency, burdened with a debt of ₹ 15,576 crore, zero operating revenue and a $2.19 billion legal claim in the UK.
C-2026/03/1394 : CCI approves acquisition of 100% share capital of GVK Energy Limited by Adani Power Limited pic.twitter.com/beDAH8uKD7
— CCI (@CCI_India) May 12, 2026
GVK has already sold its airport holdings to Adani, and its power projects come next. For the Hyderabad-based conglomerate, this may be the end of the road, even as the sale comes under the corporate insolvency resolution process (CIRP) by the CCI.
How can Adani Power turn around the company?
GVK Power and Infrastructure’s revenue collapsed to zero as its subsidiaries lost control of its operating assets, while facing severe fuel shortages (gas for its gas-based plants), literally becoming empty shells during the bankruptcy process.
Adani Power already has a strong supply chain through its captive mines and gas infrastructure. After addressing any local power purchase agreement(PPA) disputes, the company can instantly restart GVK’s revenue streams.
But the jewel in the crown would be GVK’s 330MW hydroelectric project in Srinagar, Kashmir under its subsidiary Alaknanda Hydro Power Company Limited. The under-construction Ratle Hydro Power Plant with a 850MW capacity is another jewel, that is expected to be commissioned by 2028.
Adani Power has emerged as one of India’s leading power generation companies, with a strong balance sheet, reflected by a 64% surge in net profit to ₹4,271 crore in Q4 FY26. The company has become the most valuable thermal power producers in India, with its market cap reaching over ₹4.1 lakh crore in May 2026.
It has been able to achieve this through cost control and strong demand, but integrating GVKs operations will remain a challenge that will be keenly watched.
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