About
Adani Power Ltd
Adani Power Ltd (APL), a part of Adani Group is India's largest private thermal power producer operating a power generation capacity of 15,250 MW including 15,210 MW, of thermal power plants and a 40 MW solar power project. The Company has installed capacity of 12,450 MW (which includes 40 MW solar power project) at multiple locations i.e. Bitta, Mundra, Kawai, Tiroda, Udupi, Raipur, Raigarh. The Company sells power under long term Power Purchase Agreement (PPAs), medium term PPAs, short term PPAs, on merchant basis and also engaged in trading, investment and other business activities.
The Company is engaged in power generation and setting up of power projects. APJL (wholly-owned subsidiary of the Company) is creating a 1,600 MW greenfield ultra supercritical power project in Jharkhand to supply power to Bangladesh. Adani Power was the first company to implement and commission 660 MW supercritical technology units in India.
Adani Power Ltd was incorporated on August 22, 1996 and received a certificate of commencement of business on September 4, 1996. The Company was originally incorporated by Mr. Gautam S. Adani and Mr. Rajesh S. Adani, together with their relatives. The company became a private limited company on June 3, 2002 and the name of the company was subsequently changed to Adani Power Pvt Ltd.
In the year 2004, pursuant to internal restructuring amongst the Promoters, the entire shareholding of the company was transferred to Mundra Port and Special Economic Zone Ltd (MPSEZL). Subsequently, on May 29, 2006, MPSEZL transferred its entire shareholding in the company to Adani Enterprises Ltd.
In December 19, 2006, the Government of India (GOI) granted approval to the company's proposal for development, operation and maintenance of the sector specific Special Economic Zone (SEZ) at Village: Tunda & Siracha, Taluka Mundra, Gujarat. In February 2, 2007, the company entered into an agreement (PPA) with Gujarat Urja Vikas Nigam Ltd (GUVNL) for supply of power on long term basis. In April 12, 2007, the company was, thereafter, converted into a public limited company and the name of the company was changed to Adani Power Ltd.
During the financial year 2009-10, the company entered the Capital Market with initial public offer (IPO) of 30,16,52,031 equity shares of Rs 10 each at a premium of Rs 90 per share. In August 20, 2009, the company's shares were listed on the Bombay Stock Exchange Ltd (BSE) and National Stock Exchange of India Ltd (NSE). The company's power generating units (Unit 1 and Unit 2 each of 330 MW) of their phase I commenced commercial operations effective from October 1, 2009 and March 17, 2010 respectively. During the year, the company incorporated Adani Pench Power Ltd (earlier known as Adani Power MP Ltd) as a wholly owned subsidiary company. The company acquired Kutchh Power Generation Ltd and Adani Shipping PTE Ltd, Singapore by purchase of all shares of respective companies at face value. Subsequently Adani Shipping PTE Ltd, Singapore incorporated Rahi Shipping PTE Ltd, Singapore and Vanshi Shipping PTE Ltd, Singapore as their wholly owned subsidiary companies.
During the year 2010-11, the company's Power Generating Units of 1320 MW (Previous Year - 660 MW) commenced commercial operations resulting into total power generating capacity to 1980 MW.
During the year 2011-12, the company set up two subsidiaries, namely Aanya Maritime Inc, Panama and Aashna Maritime Inc, Panama. The company alongwith their subsidiaries is implementing various transmission line projects of about 3,000 km length. The company intends to sell the power generated from these projects under a combination of long-term PPAs and on merchant basis.
In February 2012, the company approved to consolidate the transmission line business of the company in a new entity in order to integrate transmission line projects spread across various entities of Adani Group under one umbrella.
On 10 September 2012, Adani Power announced that the phase III of its 4,620 MW power plant in Mundra, Gujarat, consisting of two units of 660 MW each, has received carbon credits under the Clean Development Mechanism (CDM) of the United Nations Framework Convention on Climate Change (UNFCCC). This achievement makes the Mundra plant the world's first coal fired power project to receive carbon credits. With this measure, the plant is expected to generate about 1.8 million Certified Emission Reductions (CERs) each year. Adani Power is expected to earn Rs 600 crore by trading these carbon credits during the first 10 years of its operations.
On 19 June 2013, Adani Power announced the commissioning of the third unit of 660 MW of its super critical power plant in Tiroda, Maharashtra, thus augmenting its total power generation capacity to 7,260 MW. The third unit was commissioned within a record time of 20 days from synchronization, as against an industry standard of three months.
The Board of Directors of Adani Power at its meeting held on 28 December 2013 approved demerger of the transmission line business of the company to its wholly owned subsidiary company (WOS) subject to requisite approvals.On 31 December 2013, Adani Power announced that its state-of-the-art 4620 megawatts (MW) power plant at Mundra, has set a record by attaining the highest generation of 4,644 MW, making it the only power station of such a gigantic size to reach a significant milestone in electricity production. On 14 January 2014, Adani Power announced the commissioning of its 1320 MW coal-fired power plant in Kawai, Rajasthan, thus completing its project as per the schedule. The project comprises 2 units of 660 MW super critical technology each and the power will be supplied to the state energy utilities as per the PPA signed with the Rajasthan government.
On 3 April 2014, Adani Power announced the commissioning of the fourth unit of 660 megawatts (MW) at its power plant at Tiroda in Maharashtra, thus emerging as the largest private power producer in India with an overall installed capacity of 8,620 MW. It is a significant milestone in the path to achieve Adani Power's target of generating 20,000 MW by 2020.
On 24 November 2014, Adani Power announced that it has executed a binding term sheet for the 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 will endeavor to expand the capacity of KWPCL expeditiously, leveraging its project execution capabilities. On 4 March 2015, Adani Power announced that it has signed a definitive Share Purchase Agreement for acquisition of 100% shares of Korba West Power Co. Ltd. (KWPCL) from Avantha Power & Infrastructure. The enterprise value of this deal would be around Rs 4225 crore, which would be paid by combination of acquisition debt and cash.
The Board of Directors of Adani Power at its meeting held on 16 January 2015 approved the proposal to divest the company's holding of 90.91% equity shares in Adani Transmission (India) Ltd. to Adani Transmission Ltd, a Wholly Owned Subsidiary of Adani Enterprises Ltd. subject to requisite approvals, if any.
The board of directors of Adani Power (APL) at its meeting held on 30 January 2015 unanimously approved the scheme of demerger of the diversified businesses of its parent company, Adani Enterprises Ltd (AEL). The scheme involves the demerger of the Power Undertaking of AEL comprising the undertaking, businesses, activities, operations, assets (moveable and immoveable) and liabilities pertaining to the 40 MW solar power project at Bitta village, Kutch district of Gujarat and the investments of AEL in APL into APL. The shareholding of AEL in APL shall be cancelled on the scheme being made effective and APL shall issue new equity shares to the equity shareholders of AEL in the ratio of 18,596 equity shares in APL for every 10,000 equity shares held by such equity shareholder of AEL in AEL as of the record date.
On 20 April 2015, Adani Power announced the completion of the acquisition of 100% of the shares of Udupi Power Corporation Limited (UPCL) from Hyderabad based Lanco Infratech Limited. Udupi Power Corporation Limited (UPCL) is a 1200 MW power plant based on imported coal and includes a captive jetty for coal imports. The transaction was announced earlier last year in August 2014. The Udipi Power Corporation (UPCL) has long term power sale agreements with the Discoms of the states of Karnataka and Punjab. With acquisition of the UPCL, the capacity of APL increases to 10,440 MW.
On 21 December 2015, Adani Power announced that it has incorporated a wholly owned subsidiary Company Adani Power (Jharkhand) Limited, which is registered with the Registrar of Companies, Gujarat at Ahmedabad.
The Board of Directors of Adani Power at its meeting held on 6 April 2016 approved Preferential offer and issue of up to 52.30 crore warrants, convertible into equivalent number of equity shares of Rs 10 each to the promoter group entities subject to the approval of the shareholders of the company through postal ballot by way of passing special resolution under Section 42 and 62 of the Companies Act, 2013 and other necessary regulatory approvals.
On 1 March 2017, Adani Power announced that a 330 megawatt (MW) unit 4 at its 4,620 MW Mundra thermal power plant has created a national record by running continuously for 600 days and generated 4142.56 MUs (million units) of electricity.
On 6 June 2017, Adani Power announced that its Board of Directors has considered and approved the slump sale of its Mundra power generating business undertaking to its subsidiary company, namely Adani Power (Mundra) Limited. The transaction will put the Mundra power generating business undertaking at par with other operating subsidiaries of the company, with specific strategic focus as well as specific financial arrangements. The Mundra power generating business undertaking contributed 93.74% to the total income of Adani Power in FY 2016-17.
On 7 November 2017, Adani Power announced that the company's wholly owned subsidiary Adani Power (Jharkhand) Limited has signed a long term Power Purchase Agreement (PPA). The PPA has been signed for net capacity of 1496 MW with Bangladesh Power Development Board for 25 years. Power supply under the PPA will be made from a new 1600 MW Ultra-supercritical coal based power plant to be set up by Adani Power (Jharkhand) Limited at Godda, Jharkhand.
The Board of Directors of Adani Power at its meeting held on 17 January 2018 approved the setting up of a 1600 MW (2 x 800 MW) UItra-supercritical Thermal Power Project at Godda, Jharkhand, by the company's subsidiary Adani Power (Jharkhand) Limited, at the estimated project cost of Rs 13450 crore approximately. The project is expected to achieve Commercial Operation Date by May 2022, and supply power to the Bangladesh Power Development Board under a PPA for net capacity of 1,496 MW for 25 years. All major statutory clearances have been obtained for the project.
In year 2019-20, the Company acquired two operational power projects comprising Raipur Energen Ltd. (REL) of 1,370 MW and Raigarh Energy Generation Ltd. (REGL) of 600 MW, to their portfolio. With this, it operates 12,450 MW of capacity. It commissioned Supercritical boilers at their Mundra (Gujarat) plant, saving ~2% of fuel per unit of power generated and leading to lower GHG emissions. It commissioned 12 units of 660 MW each based on the Supercritical technology. The Company further acquired 52.38% of the equity stake in GMR Chhattisgarh Energy Ltd. (GCEL) and the balance 47.62% equity stake was acquired from the GMR Group, which completed on August 2, 2019 at an Enterprise Valuation of approx. Rs. 3,530 Crore. And subsequent to the acquisition, GCEL was renamed as Raipur Energen Ltd.
Chandenvalle Infra Park Limited, Mahan Fuel Management Limited, Alcedo Infra Park Limited, Emberiza Infra Park Limited and Mahan Energen Limited (Formerly known as Essar Power M P Limited) were formed as subsidiaries of the Company during the year 2021-22. The Company acquired Essar Power M P Limited (EPMPL), which was completed effective on 16th March 2022 and name of the Company changed to 'Mahan Energen Limited' (MEL), with effect from 25th March, 2022. It commenced construction of the plant with a targeted completion of Unit 1 in January 2022 and Unit 2 in May 2022, according to the Purchase Power Agreement (PPA).
During the year 2022-23, the Six Wholly Owned Subsidiary Companies of Adani Power Limited (APL) i.e., Adani Power Maharashtra Limited (APML), Adani Power Rajasthan Limited (APRL), Udupi Power Corporation Limited (UPCL), Raipur Energen Limited (REL), Raigarh Energy Generation Limited (REGL) and Adani Power (Mundra) Limited (APMuL) were amalgamated with Adani Power Limited (APL/ Parent Company) through the Scheme of Amalgamation made effective from October 1, 2021.
Aviceda Infra Park Limited, Innovant Buildwell Private Limited, Resurgent Fuel Management Limited were formed as New Subsidiaries during the year 2022-23. The Company acquired 4 Thermal Power Plants with an aggregated capacity of 4,370 MW, including a 1,370 MW plant at Raipur in Chhattisgarh, a 600 MW plant at Raigarh in Chhattisgarh, a 1,200 MW plant at Udupi in Karnataka, and a 1,200 MW plant (under subsidiary Mahan Energen Limited) at Bandhaura, Singrauli in Madhya Pradesh. The Godda Ultrasupercritical Power Plant commissioned its first 800 MW Unit in April 2023. The Hybrid Solar-Wind Project of 2.14 GW was commissioned in Rajasthan.
Adani Power Ltd
Chairman Speech
To say the world is in uncharted waters would be an understatement.
The adverse impact of a mix of the pandemic, armed conflict and climate change has
exposed the fragility of the global system that we had largely considered as having
competently learned how to manage itself. It has now dawned on governments across the
world that the implications of this multidimensional crisis are hard to predict, may
complicate further and that signs of its damaging effects — uncontrolled inflation,
disrupted food supplies, increased human displacement, exposed healthcare machinery,
stalled education levels and faltering job creation ecosystems — are evident and
testing the resilience of every nation.
Resilience is defined as the characteristic that makes it possible to rebound into
shape; it is the ability to withstand crises; it is the ability to face uncertainties with
curiosity and optimism. This capacity to rebound is becoming harder to model or predict as
the crises drivers are becoming harder to anticipate and increasingly intermingled. While
there is always room for debate, there can be no denying that, looking back, India has
emerged far better in its handling of the Covid-19 crisis from the humanitarian and
economic perspectives than most developed economies. India has been able to take a mature
approach to the ongoing conflict and has been one of the most aggressive nations in terms
of establishing a renewable energy target for itself; while doing all of this, India has
also emerged as the fastest growing major economy.
The overarching takeaway is that despite global instability, India has fared better
than almost any other major nation. While there were situations over the past 24 months
when it appeared that events were getting out of control, we must give credit where credit
is due — India was able to bounce back each time, a testimony to our nation's
resilience. In my view, utopian as some may call it, India's resilience comes from its
historic culture that has been shaped across thousands of years — a model of
co-existence that actually works and the philosophy of 'vasudhaiva kutumbakam', which
means that the world is one family.
A culture of resilience
It is India's inherent resilience that provides our nation its underlying optimism. My
belief in our nation has never been higher. To use a cricketing analogy, we are now
playing on one of the strongest home grounds and on one of the firmest pitches that has
ever existed. This pitch is expected to remain firm for several decades. Optimism comes
from resilience. Resilience comes from belief. And belief is optimism.
In our case, it is this resilience, optimism and belief that drives us. The primary
reason for the success of the Adani Group comes from our alignment with the India growth
story. Never have we shied from investing in India, never have we slowed our investments,
and never have we feared to enter adjacent sectors - our resilience comes from this
unshakeable belief and confidence in the aspirations of our fellow Indians and the future
of India.
During the journey of more than 25 years, there were uncharted waters we entered and
multidimensional crises that we faced. While we may have stumbled a few times, we were
always able to get back on our feet. Our ability to rise after every stumble meant we grew
bigger and stronger by drawing
Preparing to go 'green'
The best recent evidence for our confidence and belief in the future has been the USD
70 billion investment we announced in facilitating India's 'green' transition. We are
already one on our experience. It is these experiences that have enriched us with
resilience and laid the foundation of our optimism.
At a fundamental level, our strategy is linked to the strategy of the nation. Over the
past decades, we have always believed in the policies announced by the Government, have
continued to invest through all economic cycles, watched for emerging sectors critical for
the country's growth and entered new sectors with a confidence in our learning and
operating abilities. We have grown adjacency by adjacency without getting hung up on
textbook business models. We have built infrastructure anticipating a far larger and
greater India; this confidence has paid dividends.
The sum of these investments of the past empowered us to address the present crisis and
set us up stronger to handle any new crisis in the future. It is this future that unfolded
over the period FY 2021-22.
This was a year when we announced ourselves to the world. In FY 2021-22, our confidence
in our ability was validated. Our belief in our past defines our ability to believe in our
future, translating into the big bets that we make of the world's largest developers of
solar power. Our strength in renewables will empower us enormously in our effort to make
'green' hydrogen, the fuel of the future; it will equip us to produce the least expensive
'green' electron and the least expensive hydrogen. We are leading the race to transform
India from a country that is over-reliant on imported oil and gas to a country that can
become a net exporter of clean energy. This would be a 'never- done-before' transformation
in fortunes in a stunningly short period of time across the largest scale. This
transformation will help reshape India's energy footprint in an extraordinary way.
While we are now a major global renewable energy player, we made remarkable progress in
several other industries. In one stroke, we have become the largest airport operator in
India. Around the airports where we operate, we are engaged in the adjacent business of
building aerotropolises and creating localised community-based economic centres. We have
made entries in sectors ranging from data centres, super apps and industrial clouds to
defence and aerospace, metals and materials - all aligned with the Government's vision of
an Atmanirbhar Bharat.
We continue to grow as builders of India's infrastructure, winning some of the largest
road contracts in the nation and growing our already substantial market share in
businesses like ports, logistics, transmission and distribution, city gas and piped
natural gas. The successful IPO of Adani Wilmar made us the largest
FMCG company in the country and we are now the second largest cement manufacturer in
India. This year, our combined Group market capitalisation exceeded USD 200 billion. We
raised billions of dollars from the international markets - a validation of confidence in
the India and Adani growth stories. This growth and success have been recognised around
the world. Foreign governments now come to us with proposals to work in their geographies
and help build their infrastructure. The result is that in 2022 we laid the foundation to
seek a broader expansion beyond India's boundaries.
Robust results, record numbers
The growth in our market capitalisation has been supported by a robust and sustained
growth in our cash flows. Our focus on operational excellence and accretive capacity
addition delivered, across our portfolio, an EBITDA growth of 26%. Portfolio EBITDA stood
at Rs.42,623 crore. This growth was diversified and reflected across our businesses, the
results speaking for themselves.
Group highlights
• Our Utilities portfolio grew 26%
• Our Transport and Logistics portfolio grew 19%
• Our FMCG portfolio grew 34%; and
• Our Incubator business, represented by AEL, grew 45%
The high growth of our incubator AEL provides the group with a robust foundation for
the continued development of new businesses for yet another big decade. AELs unique
business model has no parallel and we intend to leverage this further.
Segment highlights
AGEL
• Adani Green Energy Limited added 1,940 MW operational capacity in FY 2021-22
(greenfield commissioning 200 MW and inorganic addition 1,740 MW)
• Adani Green Energy Limited's solar capacity utilisation factor (CUF) improved
130 bps YoY to 23.8% and wind CUF improved 400 bps YoY to 30.8% in FY 2021-22
ATL
• Adani Transmission Limited added 1,104 ckm to its network, reaching 18,795 ckm,
and sold a record 7,972 million units during the year.
APSEZ
• Adani Ports and Special Economic Zone Limited cargo volume grew 26% to 312 MMT
in FY 2021-22; the journey from 200 MMT to 300 MMT in cargo volume was achieved in the
record time of just three years.
• Adani Ports and Special Economic Zone Limited also handled record container
volume of 8.2 million TEUs, a growth of 14%
ATGL
• Adani Total Gas Limited added 117 CNG stations, 556 commercial, 154 industrial
and 85,840 domestic customers, a combined volume of 697 MMSCM (CNG+PNG)
Strategic highlights
• Adani Green Energy Limited completed the acquisition of Softbank's 5 GW
renewable energy portfolio
• Adani Enterprises Limited commenced operations of its Bravus mine in Australia.
• Adani Enterprises Limited took over operations of the Guwahati, Jaipur and
Thiruvananthapuram airports and completed the acquisitions of MIAL and NMIAL.
While we can look back and feel content, we are only now gathering momentum, What we
have built over two decades is India's largest integrated infrastructure business based on
a rapid extension into adjacent businesses, The result is that this is now being
transformed into an integrated 'platform of platforms' that combines energy with
logistics, This is moving us closer to an unprecedented access to the Indian consumer, I
know of no company that has such a business model with potential access to an unlimited
B2B and B2C market for the next several decades,
A landmark year
It is here that I also want to take a moment to reflect on 2022 as a year with special
personal meanings, It represents the 100th birth anniversary of my inspiring and role
model father Shri Shantilal Adani, and my 60th birthday, To mark this milestone, the Adani
family came together and decided to contribute Rs.60,000 crore towards charitable
activities related to healthcare, education and skill development, especially for rural
India, These three areas should be seen holistically, rather than separately, because they
collectively form the drivers for an equitable and future-ready India, We have an
opportunity in India to decisively lift tens of millions of people permanently out of
poverty, We owe it to ourselves and our country to do everything we can to catalyse that
process, Our experience in large project planning and execution and the learnings from the
ongoing work done by the Adani Foundation will help us uniquely accelerate and implement
these programmes across societies that need them the most,
The road ahead
Getting back to the theme of optimism as a driving force for a society, Martin
Seligman, often referred to as the 'father of positive psychology', wrote in the Harvard
Business Review that he came to his insights into the power of optimism 'the long, hard
way, through many years of research on failure and helplessness,' Essentially, he
discovered over several years of studies, that resilient people develop the courage of
interpreting setbacks as temporary, local and changeable, A quote attributed to Winston
Churchill echoes Seligman's findings on resilience, "Success is not final,"
Churchill is supposed to have said, "failure is not fatal: it is the courage to
continue that counts,"
The reason I have always been inspired by writing and thinking around resilience is
because as an entrepreneur, my philosophy has always been to keep trying,
I am an incurable optimist, My optimism is founded on my belief in our ability to
create a better future, This is why I always argue that India has become one of the
greatest countries in which to be an entrepreneur, The prospects and potential for the
future are dazzlingly bright, In India, I see a real relish to finally reclaim our former
economic stature and our position as a pivotal force in global affairs, There will be
bumps along the road, as has been the case in the past, and is expected to be the case in
the future, However, there cannot be any doubt that the largest middle-class that will
ever exist, augmented by an increase in the working age and consuming population share,
will have a positive impact on India's growth rates, much in line with the demographic
dividend that India enjoys,
I have no reason to believe that over the next two decades we will not suitably address
this challenge, It is a virtuous cycle that is driven by the growth in the middle-class
population and India today enjoys the world's firmest pitch on which to bat,
Gautam Adani
Chairman.
Adani Power Ltd
Company History
Adani Power Ltd (APL), a part of Adani Group is India's largest private thermal power producer operating a power generation capacity of 15,250 MW including 15,210 MW, of thermal power plants and a 40 MW solar power project. The Company has installed capacity of 12,450 MW (which includes 40 MW solar power project) at multiple locations i.e. Bitta, Mundra, Kawai, Tiroda, Udupi, Raipur, Raigarh. The Company sells power under long term Power Purchase Agreement (PPAs), medium term PPAs, short term PPAs, on merchant basis and also engaged in trading, investment and other business activities.
The Company is engaged in power generation and setting up of power projects. APJL (wholly-owned subsidiary of the Company) is creating a 1,600 MW greenfield ultra supercritical power project in Jharkhand to supply power to Bangladesh. Adani Power was the first company to implement and commission 660 MW supercritical technology units in India.
Adani Power Ltd was incorporated on August 22, 1996 and received a certificate of commencement of business on September 4, 1996. The Company was originally incorporated by Mr. Gautam S. Adani and Mr. Rajesh S. Adani, together with their relatives. The company became a private limited company on June 3, 2002 and the name of the company was subsequently changed to Adani Power Pvt Ltd.
In the year 2004, pursuant to internal restructuring amongst the Promoters, the entire shareholding of the company was transferred to Mundra Port and Special Economic Zone Ltd (MPSEZL). Subsequently, on May 29, 2006, MPSEZL transferred its entire shareholding in the company to Adani Enterprises Ltd.
In December 19, 2006, the Government of India (GOI) granted approval to the company's proposal for development, operation and maintenance of the sector specific Special Economic Zone (SEZ) at Village: Tunda & Siracha, Taluka Mundra, Gujarat. In February 2, 2007, the company entered into an agreement (PPA) with Gujarat Urja Vikas Nigam Ltd (GUVNL) for supply of power on long term basis. In April 12, 2007, the company was, thereafter, converted into a public limited company and the name of the company was changed to Adani Power Ltd.
During the financial year 2009-10, the company entered the Capital Market with initial public offer (IPO) of 30,16,52,031 equity shares of Rs 10 each at a premium of Rs 90 per share. In August 20, 2009, the company's shares were listed on the Bombay Stock Exchange Ltd (BSE) and National Stock Exchange of India Ltd (NSE). The company's power generating units (Unit 1 and Unit 2 each of 330 MW) of their phase I commenced commercial operations effective from October 1, 2009 and March 17, 2010 respectively. During the year, the company incorporated Adani Pench Power Ltd (earlier known as Adani Power MP Ltd) as a wholly owned subsidiary company. The company acquired Kutchh Power Generation Ltd and Adani Shipping PTE Ltd, Singapore by purchase of all shares of respective companies at face value. Subsequently Adani Shipping PTE Ltd, Singapore incorporated Rahi Shipping PTE Ltd, Singapore and Vanshi Shipping PTE Ltd, Singapore as their wholly owned subsidiary companies.
During the year 2010-11, the company's Power Generating Units of 1320 MW (Previous Year - 660 MW) commenced commercial operations resulting into total power generating capacity to 1980 MW.
During the year 2011-12, the company set up two subsidiaries, namely Aanya Maritime Inc, Panama and Aashna Maritime Inc, Panama. The company alongwith their subsidiaries is implementing various transmission line projects of about 3,000 km length. The company intends to sell the power generated from these projects under a combination of long-term PPAs and on merchant basis.
In February 2012, the company approved to consolidate the transmission line business of the company in a new entity in order to integrate transmission line projects spread across various entities of Adani Group under one umbrella.
On 10 September 2012, Adani Power announced that the phase III of its 4,620 MW power plant in Mundra, Gujarat, consisting of two units of 660 MW each, has received carbon credits under the Clean Development Mechanism (CDM) of the United Nations Framework Convention on Climate Change (UNFCCC). This achievement makes the Mundra plant the world's first coal fired power project to receive carbon credits. With this measure, the plant is expected to generate about 1.8 million Certified Emission Reductions (CERs) each year. Adani Power is expected to earn Rs 600 crore by trading these carbon credits during the first 10 years of its operations.
On 19 June 2013, Adani Power announced the commissioning of the third unit of 660 MW of its super critical power plant in Tiroda, Maharashtra, thus augmenting its total power generation capacity to 7,260 MW. The third unit was commissioned within a record time of 20 days from synchronization, as against an industry standard of three months.
The Board of Directors of Adani Power at its meeting held on 28 December 2013 approved demerger of the transmission line business of the company to its wholly owned subsidiary company (WOS) subject to requisite approvals.On 31 December 2013, Adani Power announced that its state-of-the-art 4620 megawatts (MW) power plant at Mundra, has set a record by attaining the highest generation of 4,644 MW, making it the only power station of such a gigantic size to reach a significant milestone in electricity production. On 14 January 2014, Adani Power announced the commissioning of its 1320 MW coal-fired power plant in Kawai, Rajasthan, thus completing its project as per the schedule. The project comprises 2 units of 660 MW super critical technology each and the power will be supplied to the state energy utilities as per the PPA signed with the Rajasthan government.
On 3 April 2014, Adani Power announced the commissioning of the fourth unit of 660 megawatts (MW) at its power plant at Tiroda in Maharashtra, thus emerging as the largest private power producer in India with an overall installed capacity of 8,620 MW. It is a significant milestone in the path to achieve Adani Power's target of generating 20,000 MW by 2020.
On 24 November 2014, Adani Power announced that it has executed a binding term sheet for the 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 will endeavor to expand the capacity of KWPCL expeditiously, leveraging its project execution capabilities. On 4 March 2015, Adani Power announced that it has signed a definitive Share Purchase Agreement for acquisition of 100% shares of Korba West Power Co. Ltd. (KWPCL) from Avantha Power & Infrastructure. The enterprise value of this deal would be around Rs 4225 crore, which would be paid by combination of acquisition debt and cash.
The Board of Directors of Adani Power at its meeting held on 16 January 2015 approved the proposal to divest the company's holding of 90.91% equity shares in Adani Transmission (India) Ltd. to Adani Transmission Ltd, a Wholly Owned Subsidiary of Adani Enterprises Ltd. subject to requisite approvals, if any.
The board of directors of Adani Power (APL) at its meeting held on 30 January 2015 unanimously approved the scheme of demerger of the diversified businesses of its parent company, Adani Enterprises Ltd (AEL). The scheme involves the demerger of the Power Undertaking of AEL comprising the undertaking, businesses, activities, operations, assets (moveable and immoveable) and liabilities pertaining to the 40 MW solar power project at Bitta village, Kutch district of Gujarat and the investments of AEL in APL into APL. The shareholding of AEL in APL shall be cancelled on the scheme being made effective and APL shall issue new equity shares to the equity shareholders of AEL in the ratio of 18,596 equity shares in APL for every 10,000 equity shares held by such equity shareholder of AEL in AEL as of the record date.
On 20 April 2015, Adani Power announced the completion of the acquisition of 100% of the shares of Udupi Power Corporation Limited (UPCL) from Hyderabad based Lanco Infratech Limited. Udupi Power Corporation Limited (UPCL) is a 1200 MW power plant based on imported coal and includes a captive jetty for coal imports. The transaction was announced earlier last year in August 2014. The Udipi Power Corporation (UPCL) has long term power sale agreements with the Discoms of the states of Karnataka and Punjab. With acquisition of the UPCL, the capacity of APL increases to 10,440 MW.
On 21 December 2015, Adani Power announced that it has incorporated a wholly owned subsidiary Company Adani Power (Jharkhand) Limited, which is registered with the Registrar of Companies, Gujarat at Ahmedabad.
The Board of Directors of Adani Power at its meeting held on 6 April 2016 approved Preferential offer and issue of up to 52.30 crore warrants, convertible into equivalent number of equity shares of Rs 10 each to the promoter group entities subject to the approval of the shareholders of the company through postal ballot by way of passing special resolution under Section 42 and 62 of the Companies Act, 2013 and other necessary regulatory approvals.
On 1 March 2017, Adani Power announced that a 330 megawatt (MW) unit 4 at its 4,620 MW Mundra thermal power plant has created a national record by running continuously for 600 days and generated 4142.56 MUs (million units) of electricity.
On 6 June 2017, Adani Power announced that its Board of Directors has considered and approved the slump sale of its Mundra power generating business undertaking to its subsidiary company, namely Adani Power (Mundra) Limited. The transaction will put the Mundra power generating business undertaking at par with other operating subsidiaries of the company, with specific strategic focus as well as specific financial arrangements. The Mundra power generating business undertaking contributed 93.74% to the total income of Adani Power in FY 2016-17.
On 7 November 2017, Adani Power announced that the company's wholly owned subsidiary Adani Power (Jharkhand) Limited has signed a long term Power Purchase Agreement (PPA). The PPA has been signed for net capacity of 1496 MW with Bangladesh Power Development Board for 25 years. Power supply under the PPA will be made from a new 1600 MW Ultra-supercritical coal based power plant to be set up by Adani Power (Jharkhand) Limited at Godda, Jharkhand.
The Board of Directors of Adani Power at its meeting held on 17 January 2018 approved the setting up of a 1600 MW (2 x 800 MW) UItra-supercritical Thermal Power Project at Godda, Jharkhand, by the company's subsidiary Adani Power (Jharkhand) Limited, at the estimated project cost of Rs 13450 crore approximately. The project is expected to achieve Commercial Operation Date by May 2022, and supply power to the Bangladesh Power Development Board under a PPA for net capacity of 1,496 MW for 25 years. All major statutory clearances have been obtained for the project.
In year 2019-20, the Company acquired two operational power projects comprising Raipur Energen Ltd. (REL) of 1,370 MW and Raigarh Energy Generation Ltd. (REGL) of 600 MW, to their portfolio. With this, it operates 12,450 MW of capacity. It commissioned Supercritical boilers at their Mundra (Gujarat) plant, saving ~2% of fuel per unit of power generated and leading to lower GHG emissions. It commissioned 12 units of 660 MW each based on the Supercritical technology. The Company further acquired 52.38% of the equity stake in GMR Chhattisgarh Energy Ltd. (GCEL) and the balance 47.62% equity stake was acquired from the GMR Group, which completed on August 2, 2019 at an Enterprise Valuation of approx. Rs. 3,530 Crore. And subsequent to the acquisition, GCEL was renamed as Raipur Energen Ltd.
Chandenvalle Infra Park Limited, Mahan Fuel Management Limited, Alcedo Infra Park Limited, Emberiza Infra Park Limited and Mahan Energen Limited (Formerly known as Essar Power M P Limited) were formed as subsidiaries of the Company during the year 2021-22. The Company acquired Essar Power M P Limited (EPMPL), which was completed effective on 16th March 2022 and name of the Company changed to 'Mahan Energen Limited' (MEL), with effect from 25th March, 2022. It commenced construction of the plant with a targeted completion of Unit 1 in January 2022 and Unit 2 in May 2022, according to the Purchase Power Agreement (PPA).
During the year 2022-23, the Six Wholly Owned Subsidiary Companies of Adani Power Limited (APL) i.e., Adani Power Maharashtra Limited (APML), Adani Power Rajasthan Limited (APRL), Udupi Power Corporation Limited (UPCL), Raipur Energen Limited (REL), Raigarh Energy Generation Limited (REGL) and Adani Power (Mundra) Limited (APMuL) were amalgamated with Adani Power Limited (APL/ Parent Company) through the Scheme of Amalgamation made effective from October 1, 2021.
Aviceda Infra Park Limited, Innovant Buildwell Private Limited, Resurgent Fuel Management Limited were formed as New Subsidiaries during the year 2022-23. The Company acquired 4 Thermal Power Plants with an aggregated capacity of 4,370 MW, including a 1,370 MW plant at Raipur in Chhattisgarh, a 600 MW plant at Raigarh in Chhattisgarh, a 1,200 MW plant at Udupi in Karnataka, and a 1,200 MW plant (under subsidiary Mahan Energen Limited) at Bandhaura, Singrauli in Madhya Pradesh. The Godda Ultrasupercritical Power Plant commissioned its first 800 MW Unit in April 2023. The Hybrid Solar-Wind Project of 2.14 GW was commissioned in Rajasthan.
Adani Power Ltd
Directors Reports
Adani Power Ltd
Company Background
| Incorporation Year | 1996 |
| Registered Office | Adani Corporate House,Shantigram SG Highway Khodiyar
Ahmedabad,Gujarat-382421 |
| Telephone | 91-79-25555696,Managing Director |
| Fax | 91-79-25557177 |
Gautam S AdaniAnil Sardana| Company Secretary | Deepak Pandya |
| Auditor | S R B C & Co LLP |
| Face Value | 10 |
| Market Lot | 1 |
| Listing | BSE,MSEI ,NSE, |
| Registrar | KFin Techologies Ltd
Karvy Selenium Tow-B,31&32 Financial Dist,Nanakramguda ,Hyderabad-500032 |
Adani Power Ltd
Company Management
| Director Name | Director Designation | Year |
|---|
| Rajesh S Adani | Non Executive Director | 2023 |
| Gautam S Adani | Chairman (Non-Executive) | 2023 |
| Deepak Pandya | Company Sec. & Compli. Officer | 2023 |
| Mukesh Shah | Independent Director | 2023 |
| Anil Sardana | Managing Director | 2023 |
| S K Roongta | Independent Director | 2023 |
| Chandra Iyengar | Independent Director | 2023 |
Adani Power Ltd
Listing Information
| Listing Information |
|---|
| BSE_500 |
| BSE_200 |
| BSEDOLLEX |
| NIFTYJR |
| CNX500 |
| CNX100 |
| BSEPOWER |
| CNX200 |
| CNXCOMMODI |
| CNXALPHAIN |
| BSEINFRA |
| NFT100EQWT |
| BSEALLCAP |
| BSELARGECA |
| BSEUTILITI |
| LMI250 |
| BSEQUI |
| BSE100LTMC |
| NFTYLM250 |
| NF500M5025 |
| NFTYTOTMKT |
Adani Power Ltd
Finished Product
| Product Name | Unit | Installed
Capacity | Production
Quantity | Sales
Quantity | Sales
Value |
|---|
| Revenue from Coal Sales | NA | 0 | 0 | 0 | 35420.63 |
| Other Operating Income | NA | 0 | 0 | 0 | 710.18 |
| Traded Goods | NA | 0 | 0 | 0 | 521.8 |
| Sale of Services | NA | 0 | 0 | 0 | 28.6 |
| Power Generation | MU | 0 | 0 | 0 | 0 |
| Power Generation | MW | 0 | 0 | 0 | 0 |