Adani Group has signed an initial agreement to buy two ready-to-build coal fired power plants from Welspun group for INR 400 crore. The plants, in Uttar Pradesh and Madhya Pradesh, have received all the necessary clearances and can together generate 4000 MW of power.
Adani group, which had been purchasing debt-ridden power plants in the past, has now shifted its strategy to buy ready-to-build plants with all necessary clearances and power purchase agreements, and use its core area of execution in building power plants rather than taking over running plants with heavy loans.
Last year, Adani group had signed definite agreements to buy Avantha’s Korba Power (600 MW), and Lanco Infratech’s Udupi Power (1,200 MW) for a total of INR 10,500 crore to increase its power generation portfolio.
Source : Energysector.in, 5th October 2015
URL : http://www.energysector.in/power-news/adani-signs-inr-400-crore-agreement-to-buy-welspun-s-power-plants