Adani Power Limited, a subsidiary of Adani Enterprises Ltd and a part of Adani Group, has said that it has executed a definitive agreement for acquisition of 100 per cent shares of the Udupi Power Corporation Limited from Lanco Infratech Limited.
Adani Power is India´s largest private sector power generation company with a current operational capacity of 8,580 MW, comprising 4,620 MW at Mundra in Gujarat, 2,640 MW at Tiroda in Maharashtra and 1,320 MW at Kawai in Rajasthan. With one more unit of 660 MW commissioning at Tiroda shortly and the acquisition of 1200 MW Udupi power plant, the installed base of APL will increase to 10,440 MW, getting Adani Power closer to its goal of achieving 20,000 MW of capacity by 2020.
The deal is valued at more than Rs 6000 crore. The Udupi Power Plant is an operational power project based on 100 per cent imported coal with a captive jetty of 4 million tons per annum. The project supplies 90 per cent of the power generated to Karnataka and 10 per cent to Punjab.