Gautam Adani and Anil Ambani
Adani Group is gearing up to make a big deal in the power sector. The report says that the group is eyeing Anil Ambani’s power plant. According to a news report in Mint, Adani Power is in talks to buy the 600 MW Butibori thermal power project in Nagpur for Rs 2,000-3,000 crore. The value of this deal could be Rs 4-5 crore per MW. Mint reported that the power plant, which was once owned by the bankrupt Reliance Power, is now owned by Vidarbha Industries Power, a subsidiary of Reliance Power.
What does the report say?
According to the report, the Gautam Adani-led group is in talks with CFM Asset Reconstruction Company, which is the sole lender for the power project. There are two plants in this project and its value may be close to Rs 6,000 crore. However, it has been shut down and this has affected the valuation, the business daily reported. Earlier in April, the Anil Ambani-led company had completed the sale of its wind power project in Washpet, Maharashtra, to JSW Renewable Energy.
Reliance Power had given this information then.
In a regulatory filing on April 12, Reliance Power said it had completed the sale of its 45 MW wind power project at Washpet in Maharashtra to JSW Renewable Energy (Coated) Ltd and received a consideration of Rs 132.39 crore. Earlier in March, two subsidiaries of the company had settled a Rs 1,023 crore loan with Reliance Commercial Finance, an arm of Authum Investments.
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Let us tell you that if Adani Group completes this deal, it will become a major player in the energy sector. A plant of the Adani Group has also been commissioned solely to supply electricity to Bangladesh. Similarly, Adani Group operates many plants within the energy sector. With this deal, the revenues of Adani Group’s energy vertical can also see a rise.
