Adani Power (APL) advanced 1.17% to Rs 681.75 after the company said that it has received an approval from the National Company Law Tribunal (NCLT) Hyderabad Bench to acquire 100% stake in Lanco Amarkantak Power (LAPL).
LAPL operates a 600 MW thermal power plant (Phase-I) at Pathadi Village in Korba District, Chhattisgarh. The majority of the power generated from the Phase-I capacity is supplied to Haryana and Madhya Pradesh DISCOMs under long term Power Purchase Arrangements through Power Trading Corporation. Additionally, LAPL has a 2.784 MMT long-term fuel supply agreement with South Eastern Coalfields (SECL), a subsidiary of Coal India. LAPL is also setting up 1,320 MW expansion capacities under Phase-II. For the financial year 2023-24, LAPL reported total revenue of Rs 1,308.33 crore.APL will acquire a 100% stake in LAPL for total consideration of Rs 4,101 crore. The acquisition is expected to be finalized within 60 days from the NCLTs approval, by 20 October 2024
The successful acquisition and implementation of the resolution plan for acquisition of LAPL will advance the companys position as India's leading private sector power producer, with a combined operational power generation capacity of 15,850 MW.
Adani Power, a part of the diversified Adani Group, is the largest private thermal power producer in India.
The power generation company has reported 55.33% fall in consolidated net profit to Rs 3,912.79 crore in Q1 FY25 as compared to Rs 8,759.42 crore recorded in Q1 FY24. However, revenue from operations jumped 35.89% YoY to Rs 14,955.63 crore in the quarter ended 30 June 2024.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content