Adani Power Explained

Adani Power Limited
Type:Public
Isin:INE814H01011
Industry:Energy
Renewable Energy
Location City:Shantigram, Khodiyar, Ahmedabad, Gujarat, India
Key People:
Revenue: [1]
Revenue Year:2024
Income Year:2024
Net Income Year:2024
Assets Year:2024
Equity Year:2024
Num Employees:3,315 (2024)
Parent:Adani Group
Footnotes:[2]

Adani Power is an Indian multinational power and energy company, subsidiary of Adani Group and based in Khodiyar in Ahmedabad, India. It is a private thermal power producer, with a capacity of 15,250 MW[3] and operates a mega solar plant of 40 MW at Naliya, Bitta, Kutch, Gujarat.[4] Adani Godda Power is implementing a 1,600 MW plant at Jharkhand.[5] The company has signed long term power purchase agreements of about 9,153 MW with the government of Gujarat, Maharashtra, Haryana, Rajasthan, Karnataka,[6] and Punjab.[7] [8]

History

Adani Power was started as a power trading company in 1996.[9]

Key people

Gautam Adani is the chairman of the company.[29] He completed his schooling from Sheth Chimanlal Nagindas Vidyalaya in Ahmedabad. He enrolled in a college at B.Com Course but dropped out to work as a diamond sorter at Mahindra Bros in Mumbai. After a couple of years, Adani established his own diamond brokerage unit.[30] In 1988, he established Adani Exports Limited, now known as Adani Enterprises Limited – the holding company of the Adani Group.[31] He is the chairman and founder of the Adani Group.

Operations

Built by Adani

4,620 MW (4×330 MW + 5×660 MW) coal-based thermal power plant at Mundra, Kutch district, Gujarat.[32] It operates first power transmission project of 400 kV Double Circuit Transmission System from the Mundra plant to Dehgam (430 km).[33]

1,320 MW (2×660 MW) coal-based thermal power plant at Kawai village, Baran district, Rajasthan. This plant is fully functional.[34]

3,300 MW (5×660 MW) coal-based thermal power plant at Tirora, Gondia district, Maharashtra.[35] It is Maharashtra's largest coal-fired thermal power station.[32]

Taken over by Adani

1,200 MW (2×600 MW) coal-based thermal power plant at Padubidri, Udupi district, Karnataka.[36] Bo from Lanco Infratech in August 2014 for 6,000 crores.[37]

On 2 August 2019, the firm completed the acquisition of GMR Chhattisgarh Energy Ltd. (GCEL) which owns and operates a power plant in Raikheda village in Raipur.[38] The acquisition was concluded at an enterprise valuation of 3,530 crore. This addition has led to an increase in APL's total capacity to 12,450 MW. With this, APL has become the largest private sector thermal power producer.

Future projects

As of January 2011, the company has 16,500 MW[41] under implementation and planning stage. Included are a 3,300 MW coal-based TPP at Bhadreswar in Gujarat; a 2,640 MW TPP at Dahej, Gujarat; a 1,320 MW TPP at Chhindwara in Madhya Pradesh; a 2,500 MW TPP at Anugul, Orissa;[42] a 2,000 MW TPP at Sambalpur,[43] Orissa;[43] and a 2,000 MW gas-based power project at Mundra, Gujarat.[44] The company is bidding for a 1,000 MW lignite coal-based power plant in Kosovo.[45]

In November 2017, Adani Power (Jharkhand) signed a long-term pact with Bangladesh Power Development Board to supply electricity from its upcoming 1,600 MW plant at Godda in Jharkhand.[5]

As of 2019, the Adani Group is in talks with the Rural electrification Corporation (REC Limited) and Power Finance Corporation (PFC) to set up a 1600 MW Godda Power Project in Jharkhand at a cost of approximately Rs 14,000 crores.[46]

In 2023, Adani awarded a 2x800MW order for their subsidiary Mahan Energen Limited formerly (Essar Mahan Power Plant) in Madhya Pradesh. [47]

Again in 2024 Adani Power have awarded order for 2x800 MW thermal power plant (TPP) in Raipur, Chhattisgarh and 2x800 MW thermal power plant (TPP) in Mirzapur, Uttar Pradesh.[48]

Controversies

Allegations of stock manipulation

In January 2023, Hindenburg Research published the findings of a two-year investigation claiming that Adani had engaged in market manipulation and accounting malpractices; Hindenburg also disclosed that it was holding short positions on Adani Group companies.[49] [50] [51] [52] Bonds and shares of companies associated with Adani experienced a decline in value after the accusations.[53] [54] Adani denied the fraud allegations as unfounded and ill intentioned.[55]

Awards

The company has won many awards and recognition. In 2017, it was named the Most Innovative Young Power Professional by IPPAI (Independent Power Producers Association of India) at the 18th Regulators & Policymakers Retreat. In 2017, CSR Works International with support of British Chamber of Commerce and High Commission of Canada, recognized the firm for best sustainability reporting in Asia, in Singapore. In 2018, it received the Recognition for Best Environment Management practices by Srishti Publications.[56]

See also

Notes and References

  1. Web site: Adani Power Ltd. Financials. bseindia.com.
  2. Web site: Adani Power Limited - Annual Report . 2023-04-13 . Adani Group.
  3. Web site: Adani Power Ramps Up Capacity. 2014-09-01. M&A Critique. en-US. 2020-05-05.
  4. News: 2011-06-07. Adani Power to commission 40-Mw solar project. Business Standard. 2020-05-05.
  5. News: Press Trust of India. 2017-11-08. Adani Power inks PPA with Bangladesh Power Development Board. Business Standard. 2020-05-05.
  6. Web site: Adani becomes first generator to get PPA amended for imported coal-based plants. Kondratieva. Ksenia. @businessline. 12 December 2018 . en. 2020-05-05.
  7. Web site: Tata Power arm seeks more time to get states' nod for Mundra PPA revision. 2019-02-07. The Financial Express. en-US. 2020-05-05.
  8. News: Mahindra & Mahindra tops CSR list in India even as companies scale up operations. The Economic Times. 2020-09-26.
  9. Web site: Adani Power History Adani Power Information – The Economic Times. The Economic Times. 2020-05-05.
  10. News: 2009-05-26. Adani commissions first unit of 4620 MW Mundra plant. Business Standard. 2020-05-05.
  11. Web site: Mundra world's largest coal-fired pvt power plant – Times of India. Pandey. Piyush. March 13, 2012. The Times of India. en. 2020-05-05.
  12. News: Adani Power Ltd.. Business Standard. 2020-05-05.
  13. Web site: Adani Power synchronises second unit of 660MW at Mundra. Moneylife News & Views. 2020-05-05.
  14. News: 2010-08-05. Adani Power to commission 16,500 MW by 2013 end. The Economic Times. 2020-05-05.
  15. News: Thakkar. Mitul. 2013-12-31. Adani Power generates highest 4644 mw at Mundra Project. The Economic Times. 2020-05-05.
  16. Web site: Mundra Power Plant, Gujarat, India. en-US. 2020-05-05.
  17. News: Press Trust of India. 2012-01-05. Adani Group commissions largest solar power project. Business Standard. 2020-05-05.
  18. News: 2013-06-20. APL commissions third unit of 660 Mw at Tiroda. Business Standard. 2020-05-05.
  19. Web site: SunEdison, Adani to build $4 billion Gujarat solar facility. Sanjai. P. R.. 2015-01-12. Livemint. en. 2020-05-05.
  20. Web site: Tiroda Thermal Power Plant. www.swapdial.com. 2020-05-05. 26 November 2022. https://web.archive.org/web/20221126091238/https://www.swapdial.com/public/knowledge-contents/industrial-data/tiroda-thermal-power-plant/. dead.
  21. News: PTI. 2015-04-21. Adani Power completes acquisition of Lanco Infra's Udupi plant. en-IN. The Hindu. 2020-05-05. 0971-751X.
  22. Web site: Adani Power swings back to profit. Thomas. Tanya. 2019-05-30. Livemint. en. 2020-05-05.
  23. Web site: Can Tata beat Adani in the renewable battle?- Business News. www.businesstoday.in. November 2017 . 2020-05-05.
  24. Web site: Adani's Mundra plant sets record with 600 days of continuous generation. @businessline. March 2017 . en. 2020-05-05.
  25. News: 2019-05-29. Adani Power registers Rs 634.64 crore profit in Q4. The Economic Times. 2020-05-05.
  26. Web site: Adani Power shares jump nearly 7 pc post Q4 results. 2019-05-30. The Financial Express. en-US. 2020-05-05.
  27. Web site: Adani Power Strengthens Grip on Indian Power Sector with Lanco Amarkantak Acquisition . Bru Times News . en.
  28. Web site: CCI clears Adani Power's purchase of Lanco Amarkantak . The Economic Times . 26 March 2024.
  29. Web site: Adani Power Management Information – Details of Adani Power Management – The Economic Times. The Economic Times. 2020-05-05.
  30. Web site: The Rise of the Tycoon. Chandna. Himani. BW Businessworld. en. 2020-05-05.
  31. Web site: The Incredible Rise and Rise of Gautam Adani: Part One. Thakurta. Paranjoy Guha. The Citizen. en-US. 2020-05-05. 26 May 2022. https://web.archive.org/web/20220526022356/https://www.thecitizen.in/index.php/en/NewsDetail/index/1/3375/The-Incredible-Rise-and-Rise-of-Gautam-Adani-Part-One. dead.
  32. Web site: Adani Power Limited. swapdial.com. 2020-05-05. 26 November 2022. https://web.archive.org/web/20221126091236/https://swapdial.com/public/knowledge-contents/industrial-data/adani-power-limited/. dead.
  33. Web site: Power Generation – Mundra Dehgam Transmission Line Manufacturer from Gurgaon. IndiaMART.com. en. 2020-05-05.
  34. Web site: Facts about Kawai Thermal Power Plant, Rajasthan. Dial Me Now. 2020-05-05.
  35. News: 2013-06-20. Adani Power commissions third unit of 660 Mw at Tiroda. Business Standard. 2020-05-05.
  36. Web site: Lanco Infratech Limited. www.lancogroup.com. 2020-05-05.
  37. Web site: Adani buys Lanco plant in Rs 6,000 crore deal . August 14, 2014. The Times of India. en. 2020-05-05.
  38. Web site: Adani Power Ltd completes acquisition of GMR Chhattisgarh Energy Ltd. 2019-08-02. EquityBulls. 2020-05-05. 2 August 2019. https://web.archive.org/web/20190802210857/https://www.equitybulls.com/admin/news2006/news_det.asp?id=254414. dead.
  39. Web site: Adani Continues to Grab Power Sector, Gets 2 More Thermal Power Plants. 2019-09-07. NewsClick. en. 2020-05-05.
  40. Web site: 2022-08-19 . Gautam Adani's Adani Power to acquire DB Power for Rs 7,017 cr . 2022-08-23 . Business Today . en.
  41. Web site: Adanis dedicates to nation 1,000-km power transmission system. @businessline. 18 May 2012 . en. 2020-05-05.
  42. Web site: Adani Power's Mundra unit may go on stream next week. @businessline. 23 September 2011 . en. 2020-05-05.
  43. News: 2014-08-26. Adani Group plans to build Rs 12,500 crore power plant in Odisha. The Economic Times. 2020-05-05.
  44. Web site: LNG terminal, gas power plant planned at Mundra. www.projectstoday.com. 2020-05-05.
  45. News: 2010-03-08. Adani Power in race for 1,000-mw Kosovo project. The Economic Times. 2020-05-05.
  46. Web site: Adani Power seeks ₹10,000-cr loan from REC, PFC for Godda plant; to export power to Bangladesh. Kondratieva. Ksenia. @businessline. 14 January 2019 . en. 2020-05-05.
  47. Web site: BHEL Receives Order Worth ₹4000 Cr from Mahan Energen a Subsidiary of Adani Power .
  48. News: BHEL shares jump over 14% after winning thermal power project orders, including Adani Power contract . The Economic Times . 6 June 2024 . Singh . Navdeep .
  49. Web site: Adani Group: How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate History . January 24, 2023 . hindenburgresearch.com . . January 24, 2023 .
  50. News: Thomas . Chris . Kalra . Aditya . Hindenburg shorts India's Adani citing debt, accounting concerns; shares plunge . 25 January 2023 . . 25 January 2023 . en.
  51. News: Sorkin . Andrew Ross . Mattu . Ravi . Warner . Bernhard . Kessler . Sarah . Merced . Michael J. de la . Hirsch . Lauren . Livni . Ephrat . A Short Seller Takes Aim at an Indian Corporate Giant . 25 January 2023 . . 25 January 2023.
  52. News: Lockett . Hudson . Adani shares take $10.8bn hit after Hindenburg bets against group . 25 January 2023 . . 25 January 2023.
  53. News: Lee . Jihye . Adani shares fall as short seller firm Hindenburg announces short position . 25 January 2023 . . 25 January 2023 . en.
  54. News: Kay . Chris . Vishnoi . Abhishek . Joshi . Ashutosh . Hindenburg Targets Asia's Richest Man, Triggering Adani Selloff . 25 January 2023 . . 25 January 2023 . en.
  55. News: Madhok . Diksha . Asia's richest man slams short-seller's fraud claims as 'baseless' and 'malicious' . 25 January 2023 . en . CNN Business . Atlanta, Georgia, USA . 25 January 2023.
  56. Web site: Adani Power Directors Report Adani Power Director Details – The Economic Times. The Economic Times. 2020-05-05.

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