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Adani Power

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Adani Power Limited
Company typePublic
ISININE814H01011
IndustryEnergy
Renewable Energy
Founded22 August 1996; 28 years ago (1996-08-22)
Headquarters
Shantigram, Khodiyar, Ahmedabad, Gujarat, India
Key people
Products
RevenueIncrease ₹60,281 crore (US$7.2 billion)[1] (2024)
Increase ₹20,791 crore (US$2.5 billion)[1] (2024)
Increase ₹20,829 crore (US$2.5 billion)[1] (2024)
Total assetsIncrease ₹92,325 crore (US$11 billion)[1] (2024)
Total equityIncrease ₹43,145 crore (US$5.2 billion)[1] (2024)
Number of employees
3,315 (2024)
ParentAdani Group
Websitewww.adanipower.com Edit this at Wikidata
Footnotes / references
[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

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

  • 2009 – It started generation in July 2009 by RAM implementation of its first 330 MW of 4,620 MW at Mundra.[10] This is the largest single location coal-based power project in India.[11]
  • 2010 – The company commissioned another three 330 MW by November 2010 and country's first supercritical unit of 660 MW on 22 December 2010, making its capacity 1,980 MW.[12]
  • 2011 – On 6 June 2011, it synchronised its second unit of 660 MW bringing the total generating capacity to 2,640 MW[13] and on 2 October 2011, it synchronised its third super critical unit with national grid.[14]
  • 2012 – In February 2012, it commissioned the last unit of Mundra Project to take its capacity to 4,620 MW which made the Mundra TPP the largest privately held thermal power plant in the world and fifth largest on an overall basis, as of March 2012.[15] This plant became the third-largest thermal power plant in the world after its completion.[16]
  • 2013 – In 2013, the company commissioned a 40 MW solar power project in Kutch, Gujarat. This is the largest solar power project in the country and marked the group's entry into the renewable energy sector.[17]
  • 2014 – On 3 April 2014, the company announced the commissioning of the fourth unit of 660 MW at its power plant at Tiroda in Maharashtra,[18] thus emerging as the largest private power producer in India, with an overall installed capacity of 9,280 MW.[19] The fifth unit was commissioned later in 2014.[20]
  • 2015 – the company announced the completion of acquisition of Udupi Power Corporation Limited on 11 May 2015.[21] With this, Adani Power has a total commissioned capacity of 10,440 MW,[22] making the company the largest private power producer in India.[23]
  • 2017 – In 2017, one of its units created a national record by continuously operating for 600 days.[24]
  • 2019 – In the fourth quarter ended on 31 March 2019, Adani Power reported a consolidated net profit of ₹634.64 crores.[25] In the same fiscal the previous year, the company had reported a consolidated net loss of ₹653.25 crore.[26]
  • In 2024, Adani Power acquired Lanco Amarkantak.[27][28]

Key people

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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

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Built by Adani

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  • Mundra Thermal Power Station: 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]
  • Kawai Thermal Power Station: 1,320 MW (2×660 MW) coal-based thermal power plant at Kawai village, Baran district, Rajasthan. This plant is fully functional.[34]
  • Tiroda Thermal Power Station: 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]
  • The company produces 40 MW of solar power in Bitta, Kutch Gujarat. This power plant was commissioned in 2011 within 165 days.[32]

Taken over by Adani

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  • Udupi Power Plant: 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]
  • Raikheda Thermal Power Station: 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.
  • Avantha Korba West Power Station: The firm got approval from NCLT in 07-Sep-2019 to takeover this plant.[39]
  • Adani Green House has rallied 29 percent after the announcement that the company has commissioned a 75MW wind power project.
  • On 19th Aug 2022 Adani power announced it will acquire DB Power Limited (DBPL) from Dainik Bhaskar Group for around Rs 7,017 crore, the company revealed in a regulatory filing.[40]

Future projects

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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

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Allegations of stock manipulation

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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

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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

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References

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