Adani Power signed binding agreement with Avantha group to buy its Korba West Power Co Ltd unit

Nov 25, 2014 17:37 IST

Adani Power 24 November 2014 signed a binding agreement with Gautam Thapar-led Avantha Group to buy its Korba West Power Co Ltd (KWPCL) unit. Adani will buy the 600 MW coal based power plant unit of Avantha group in at 4200 crore rupees.  The 600-MW’s coal based power plant is at Korba in Chhattisgarh.

With this deal, Adani Power became the largest private sector power utility in India with an installed capacity of 11040 MW. The company has set a target of 20000 MW capacities by 2020.

In August 2014, Adani group acquired the 1200-MW coal-fired Udupi plant from the debt-laden Lanco Infra for 6000 crore rupees.

About Adani group

Adani Group was established in 1988.  The company has three components: resources, logistics and energy creating an international and integrated infrastructure business.

Adani Power already has operational capacity of 9240 MW, comprising 4620 MW at Mundra in Gujarat, 3300 MW at Tiroda in Maharashtra and 1320 MW at Kawai in Rajasthan. It has a 660 MW plant ready for commissioning at Tiroda in Maharashtra shortly.

Adani Group chairman: Gautam Adani

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Read more Current Affairs on: Adani Power , Avantha Group , Korba West Power Co Ltd

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