Adani group closes acquisition of 600 MW Korba power plant

Adani Group has concluded the Rs 42,000 million (US$674.5 million) deal to purchase Avantha group's 600MW Korba West power plant in India.

The two companies signed an MoU last November and have now signed a binding share purchase agreement for hundred percent acquisition of the power plant, according to a press release by Adani Power.

KWPCL owns a completed 600 MW coal based power plant at Korba, India, and an expansion phase in progress.

Adani Power is India’s largest private sector power generation company with a current operational capacity of 9,240 MW, comprising of 4,620 MW at Mundra in Gujarat, 3,300 MW at Tiroda in Maharashtra and 1,320 MW at Kawai in Rajasthan.

With the acquisition of 1200 MW Udupi power plant which is due for completion shortly and with KWPCL now, the installed base of APL will increase to 11,040 MW, getting Adani Power closer to its goal of achieving 20,000 MW of capacity by 2020.