Adani Power to acquire Avantha Power Korba West Power Project in Chattisgarh

Ahmedabad, November 24, 2014: Adani Power Limited (APL), a subsidiary of Adani Enterprises Ltd and a part of Adani Group, today said it had executed a binding term sheet for acquisition of 100% shares of Korba West Power Co. Ltd. (KWPCL) from Avantha Power & Infrastructure. KWPCL owns a completed 600 MW coal based power plant at Korba 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.

“This is the time for consolidation in the Indian power sector; and as a leading private power producer, Adani Power, has taken the lead in acquiring power assets which are strategic fit to group businesses and potentially at the lowest end of the cost curve. This acquisition consolidates our pan-Indian presence and further re-affirms our belief in the reforms processes under way in the power and coal mining sectors..  The acquisition of KWPCL expands our footprint in India particularly in the coal mining belt of India and we are bullish of expanding our presence further in the country. We are committed towards contributing towards India’s growth and confident of achieving our target of generating 20,000 MW by 2020,” said Gautam Adani, Chairman Adani Group.

Adani Power will endeavor to expand the capacity of KWPCL expeditiously, leveraging its project execution capabilities. Adani Power is also committed to seize further opportunities for capacity addition and provide much needed energy security of India.

Macquarie Capital was the sole advisor to the transaction.