Tuesday, November 13, 2007

Adani to hike Mundra plant capacity by 2,000 MW, plans IPO for APL

AHMEDABAD: After port and SEZ, Adani Group is in process strengthening its position in the power sector. Its group company, Adani Power (APL), the developer of proposed 2,640 MW of power plant at Mundra in the state, is considering ramping up its capacity to 4,620 MW in days to come.

APL, part of Gujarat-based leading business power house Adani Group, is redesigning its plans to add 1,980 MW capacity and pump in Rs 8,000 crore to its proposed power project at Mundra in Kutch district.

According to the official, APL is also contemplating the possibilities of new projects in South Gujarat and Rajasthan.

Having set the vision to have installed capacity of 7,000 MW power generation in Gujarat and Maharashtra, the first power generation unit of 330 MW would become operational by December 2008 at Mundra.

Meanwhile, enthused by the huge response to the IPO of Mundra Port & Special Economic Zone Ltd, Adani Group is contemplating to come up with an IPO for APL.

It may be recalled here that 3i IIF GP Ltd had announced to invest Rs 900 crore in APL last month. 3i IIF GP is learnt to have acquired 9% stake in the company, which values APL at about Rs 10,000 crore.

The group has already inked an agreement with the state electricity company Gujarat Urja Vikas Nigam for power supply in first round of bids and now aiming to bag another contract in the second round of bids.

Source :