Adani Power announced that it had completed the acquisition of GMR Chhattisgarh Energy, (GCEL), which is the owner and operator of a 1,370 MW (2 X 6,85 MW) power station at Raikheda village, Raipur. Adani Group Chhattisgarh, stated in a filing that 52.38% of the equity stake was purchased from its consortium lenders. This occurred following Adani Power’s resolution plan.
The GMR Group acquired the remaining 47.62% of the stake.
“The enterprise value of GCEL was approx. It also added that Rs3.530 crore was spent on the acquisition of GCEL.
Raikheda is located close to Chhattisgarh’s coal-bearing areas.
It stated that GCEL will be able to source domestic coal at a lower cost and become more competitive when bidding for long-term power purchase agreements.
Currently, GCEL supplies power to Gujarat.
It stated that APL’s 1,370 MW capacity and the acquisition of 600 MW Korba West Power Co Ltd have strengthened its position as India’s largest private sector thermal energy producer. The company has an aggregate operating capacity of 12,450MW. This gives it a strong presence both in India’s top power generating and power consuming regions.
