Adani Power to sign deal to build $2 bil­lion plant in Jhark­hand

THE COM­PANY WILL BUILD TWO POWER UNITS WITH A TO­TAL CA­PAC­ITY OF 1,600 MW; CON­STRUC­TION TO BE­GIN BY DE­CEM­BER

Resource Digest - - CONTENT -

Adani Power will soon sign a deal to set up two coal-based power units in Jhark­hand for $2.2-bil­lion (Rs 14,867 crore), two peo­ple with knowl­edge of the mat­ter said, as its con­trol­ling share­holder aims to nearly dou­ble ca­pac­ity this decade.

The com­pany's shares, which were trad­ing flat, rose as much as 4.4 per cent to Rs 26.35 af­ter the story.

The util­ity, con­trolled by bil­lion­aire Gau­tam Adani, plans to build two power units with a to­tal ca­pac­ity of 1,600 megawatts (Mw) and con­struc­tion could be­gin by De­cem­ber, one of the peo­ple said, adding there is a meet­ing sched­uled in Jhark­hand and a deal would be sealed soon.

The other per­son, a Jhark­hand govern­ment of­fi­cial, said most govern­ment ap­provals were in place al­ready.

An Adani Power spokes­woman did not im­me­di­ately re­spond to a re­quest for com­ment.

The elec­tric­ity gen­er­ated from the Jhark­hand units would be sold to power-de­fi­cient Bangladesh, where Gau­tam Adani is try­ing to ex­pand as part of his goal to make the group a multi­na­tional en­ergy and in­fra­struc­ture con­glom­er­ate.

Flag­ship Adani En­ter­prises, which is fight­ing le­gal chal­lenges to start a $7bil­lion (Rs 47,509-crore) coal mine near the Great Bar­rier Reef in Aus­tralia, wants to take its elec­tric­ity gen­er­a­tion ca­pac­ity in In­dia to 20,000 Mw this decade through Adani Power.

CHARG­ING UP

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