Adani Power buys Lanco Infratech’s Udupi thermal power plant
Adani Power has acquired Lanco Infratech's 1,200 MW Udupi thermal power plant located at Mangalore Port, Karnataka, India.
The firm beat out competition from other bidders including Mumbai-based Sajjan Jindal.
The 1,200 MW plant is the first independent power project (IPP) in the country based on 100% import coal with a captive jetty of four million tonnes per annum and an external coal handling system in the new Mangalore Port Trust.
The SPV of the thermal power plant and the Karnataka government have signed an agreement for further expansion of 1,320 MW to a total of 2,520 MW. The capacity can be, if required, expanded to handle another four million tonne capacity.
The transaction has a total value of Rs60.000 million (US$992.4 million).
Lanco said in a statement:
For Lanco Infratech, this transaction will support the company in reducing its debt and will enable Lanco to receive about Rs. 2,000 crore as cash and additionally, Adani Power will take Udupi Power's long-time debt of around Rs. 4,000 crore.
The 90% of the power produced by the plant is supplied to Karnataka, the remaining 10% is supplied to Punjab. Currently, Adani Power has an installed generation capacity of about 8,580 MW.
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