Reliance Industries, led by Mukesh Ambani, has acquired a 26% stake in Gautam Adani’s Mahan Energen Ltd (MEL), a subsidiary of Adani Power Ltd, as part of a deal to secure 500 MW of electricity for captive use. Reliance will invest Rs 500 million equity shares of MEL, at a face value of Rs 10…
According to a Reuters report, Adani Power stated that it has no indication the Bangladesh government plans to review its 25-year power purchase agreement (PPA) with the company. This follows earlier claims that Bangladesh is seeking to renegotiate terms to lower electricity prices or cancel the deal through legal means. The PPA, signed in 2017,…
Power Mech Projects Limited won a contract from Adani Power Limited (APL) worth Rs 5,100 million for civil and mechanical construction works for the 1,600 MW Raipur (Raikheda) Ultra Super-Critical Thermal Expansion Project on November 29, 2024. The work is expected to be completed in 34 months. The plant is an Ultra Super-Critical expansion by…
The Bangladesh Power Development Board (BPDB) has issued a $173 million letter of credit (LC) to Adani Power Limited to maintain the electricity supply. This LC follows Adani Power’s reduction of electricity deliveries by half due to unpaid dues totalling $843 million. Issued by Bangladesh’s Krishi Bank, with ICICI Bank in India as the counterpart,…
Adani Power Jharkhand Limited (APJL), a subsidiary of Adani Power, has halved its power supply to Bangladesh, citing outstanding dues of $846 million, according to local media. Data from Power Grid Bangladesh PLC shows that supply from the 1,496 MW plant has been reduced to 700 MW from a single unit, exacerbating Bangladesh’s energy shortfall,…
Adani Power Ltd reported a nearly 50% year-on-year drop in net profit for Q2 FY25, with earnings at Rs 33.17 billion, down from Rs 66.16 billion in the same quarter last year. However, revenue from operations rose by 2.68% to Rs 133.39 billion, up from Rs 129.91 billion in Q2 FY24. EBITDA increased by 24.6%…
The Expert Appraisal Committee (EAC) under India’s Ministry of Environment, Forest and Climate Change (MoEFCC) has recommended environmental clearance (EC) and Terms of Reference (ToR) for two ultra super-critical thermal power projects by Adani Power Limited (APL): the 1,600 MW Raipur (Raikheda) Thermal Expansion Project and the 3,200 MW Anuppur Thermal Power Plant. 1,600 MW…
JSW Energy has emerged as the top bidder for KSK Mahanadi Power at an auction concluding on October 27, 2024. The Sajjan Jindal-led company offered Rs 159.85 billion to financial creditors, outbidding Adani Power, which had made a final offer of Rs 158.85 billion in the 10th round before opting out. JSW’s proposal includes a…