Adani Power Shareholders Approve First Ever 1:5 Stock Split
Adani Power has received a Letter of Intent (LoI) from Bihar State Power Generation Company (BSPGCL) to supply 2,274 MW power to North Bihar Power Distribution Company (NBPDCL) and South Bihar Power Distribution Company (SBPDCL) from a 2,400 MW thermal power project
As per the company statement on Thursday, the thermal power project will be developed at Pirpainti in Bhagalpur District of Bihar.
Adani Power was the lowest bidder in a tightly contested tender process, with the final supply price of Rs 6.075 per KWh.
Adani Power to Develop Greenfield Ultra-Supercritical Plant
As part of the contract, the Company will supply power from a greenfield 3×800 MW Ultra-supercritical power plant, to be set up under the Design, Build, Finance, Own, and Operate (DBFOO) model.
The company also stated that the first unit will be commissioned within 48 months of the appointed date, and the last one within 60 months of the appointed date.
“We are pleased to have won the bid to develop and operate a 2,400 MW thermal power project in Bihar. We will set up a new greenfield plant with an investment of approx. USD 3 billion, which is expected to further aid industrialization in the state. Our plant will be an advanced, low-emission Ultra-supercritical one, and will supply dependable, competitively priced, and high-quality power to the state,” stated S.B. Khyalia, Chief Executive Officer of Adani Power.
Project to Create 15,000 Jobs, Boost Economy
The plant will receive fuel from the allocated coal linkage under the SHAKTI Policy of Government of India. The project is expected to generate direct and indirect employment of approx. 10,000 – 12,000 during the construction phase and approx. 3,000 once in operation.
The company also added that it expects to receive the LoA (Letter of Award) in due course and subsequently, the Power Supply Agreement (PSA) will be executed with the State Utilities.
Adani Power (APL), a part of the Adani portfolio, is the largest private thermal power producer in India. The Company has an installed thermal power capacity of 18,110 MW spread across twelve power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, Jharkhand, and Tamil Nadu, apart from a 40 MW solar power plant in Gujarat. (Inputs from ANI)
Also Read: Gautam Adani’s Fortune Underpins Strategic Shift At Adani Ports: What’s Behind It?
Ankur Mishra is a journalist who covers an extensive range of news, from business, stock markets, IPOs to geopolitics, world affairs, international crises, and general news. With over a decade of experience in the business domain, Ankur has been associated with some of the reputed media brands. Through a sharp eye on global marketplaces along with deep insights and analysis of business strategies, Ankur brings simplicity to the complex economic matrix to decode market trends and empower people.
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