With the commissioning of one more unit of Tiroda, Maharashtra-based power plant, Adani Power has become the largest private-sector power producer in India.
Adani Power, a subsidiary of integrated infrastructure giant Adani Enterprises, yesterday announced the commissioning of the fourth unit of 660 megawatts (MW) at its Tiroda power plant, increasing its total installed power generation capacity to 8,620 MW.
Shares of Tata Power and Adani Power enjoyed significant gains in early morning trade on Monday after they were granted compensatory tariff hikes by the Central Electricity Regulatory Commission (CERC).
The CERC allowed Tata Power to hike tariffs and receive compensation so that it could make up for losses that it incurred at its Gujarat-based Mundra plant.
The Adani Group suffered a major setback on Monday after the Gujarat High Court ordered the suspension of all commercial and development activity inside the 21 units at the group's Adani Ports & Special Economic Zone
(APSEZ) at Mundra with immediate effect.
A division bench of the High Court, headed by Chief Justice Bhaskar Bhattacharya, held that nearly 20-22 units at APSEZ were functioning unlawfully without any environmental clearance.
The Central and Electricity Regulatory Commission has allowed Adani Power to raise their tariff for electricity. CERC took the decision after considering the negative supply conditions in Mundra plant in Gujarat.
CERC has allowed Adani Power to increase the tariffs as the compensation until supply conditions improve. The regulator said that the hike in tariff will enable Adani Power to cover up costs as rising costs of coal imported from Indonesia along with the shortage of supplies from the state-run Coal India Ltd have made it unviable to sell electricity.
Adani’s top official said that it is anticipated that company has plans to increased its combined power generation capacity to 18,500 MW by the year 2020 and then it will also account for 32% of overall power production in the country.
The Central Bureau of Investigation (CBI) has said that they have arrested the managing director of the Adani Group, Mr. Rajesh Adani as he is accused of evading customs duty. The charge is believed to be four years old.
Harsh Bahl, spokesman of the Central Bureau of Investigation said, "We arrested Rajesh Adani for undervaluing imported naptha and furnace oil." He also said that the tax evasion may be upto 8 million rupees.
The CBI on Saturday reportedly arrested Rajesh Adani from Ahmedabad for allegedly evading customs duty. He was reported to be arrested by the Goa wing of the CBI linked with an investigation probe into non-payment of customs duty of Rs 80 lakh on import of naphtha worth Rs 50 crore, in 2007-08.
Rajesh Adani belongs to the promoter family of the Rs 30,000-crore diversified conglomerate, Adani group.
Adani Power has received a letter of intent by Madhya Pradesh Government for development of 1,320 MW power project at Chinndwara in Madhya Pradesh.
According to the officials of the Company, Adani Power is already having numbers of projects with its subsidiaries and addition of this project will enhance the total capacity of the company to 13,000 MW.
Petron Engineering Construction has informed that it has won two orders from Powergen Infrastructure and Adani Power Maharashtra.
The sources informed that the orders have been valued at Rs 1.54 billion.
The scope of work of the order placed by Powergen Infrastructure includes erection and associated works of boiler and auxiliaries.
The order awarded by Adani Power Maharashtra includes work of TG auxiliaries of Unit No 1 and 3 out of 3 x 660 MW Tiroda Thermal Power Project located at Tiroda, District Gondia, Maharashtra.
Adani Power, a subsidiary of Gujarat-based conglomerate Adani group, has finally listed at Rs 105 on the BSE with a premium of 5% over its issue price of Rs 100.