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Adani Power

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Adani Power Limited
Company typePublic company (BSE: 533096, NSE: 533096)
IndustryEnergy
Founded22 August 1996
Headquarters
Ach Shantigram, Ahmedabad, Gujarat, India
Key people
Gautam Adani
(Chairman & MD)
Rajesh Shantilal Adani
(MD)
Vneet S Jaain
(CEO)
Suresh Jain[1]
(CFO)
Deepak Pandya
(Company Secretary)
ProductsElectricity generation
Revenue₹26,361.63 Cr (March 2019)[2]
ParentAdani Group
Websiteadanipower.com

Adani Power Limited is the power business subsidiary of Indian conglomerate Adani Group with head office at Ahmedabad, Gujarat. The company is India's largest private thermal power producer, with capacity of 12,410 MW[3] Adani Power was ranked as the 73rd largest corporation in India in Fortune India 500 list of 2018.[4]

The company operates five supercritical boilers of 660 MW each and 4 supercritical boilers of 330 MW each at Mundra, Gujarat;[5] five 660 MW units at Tiroda, Maharashtra; two 660 MW units at Kawai[6] and two 660 MW units at Udupi.[7]. It also operates a mega solar plant of 40 MW at Naliya, Bitta, Kutch, Gujarat.[8] It is India's first company to achieve the supercritical technology.[9] The plant is the only thermal power plant in India to be certified by United Nations Framework Convention on Climate Change (UNFCCC) under Clean Development Mechanism.[10]

The company is implementing 1,600 MW at Godda and many other plants which are at different stages of planning.[11] The company has gone to long term PPAs of about 9,153 MW with government of Gujarat, Maharashtra, Haryana, Rajasthan, Karnataka,[12] and Punjab.[13]

Adani Power is actively involved in CSR activities and was placed at the 95th rank among the top 100 companies listed in the Best Companies for CSR 2014 study.[14]

History

Adani Power was started as a power trading company in 1996.[15]

  • 2009 – It started generation in July 2009 by implementation of its first 330 MW of 4,620 MW at Mundra.[16] The Mundra super mega project is the largest single location coal-based power project of India.[17]
  • 2010 – The company commissioned another three 330 MW by November 2010 and country's first supercritical unit of 660 MW on 22 December 2010, making its capacity 1,980 MW.[18]
  • 2011 – 0n 6 June 2011, it synchronised its second unit of 660 MW bringing the total generating capacity to 2,640 MW[19] and on 2 October 2011, it synchronised its third super critical unit with national grid.[20]
  • 2012 – In February 2012, it commissioned the last unit of Mundra Project to take its capacity to 4,620 MW which makes the Mundra TPP to be the largest privately held thermal power plant in the world and fifth largest on an overall basis, as of March 2012.[21] This plant became the third-largest thermal power plant in the world after its completion.[22]
  • 2013 – In 2013, the company commissioned a 40 MW solar power project in Kutch, Gujarat. This is the largest solar power project in the country and marked the group's entry into the renewable energy sector.[23]
  • 2014 – On 3 April 2014, Adani Power Ltd. announced the commissioning of the fourth unit of 660 MW at its power plant at Tiroda in Maharashtra,[24] thus emerging as the largest private power producer in India, with an overall installed capacity of 9,280 MW.[25] The fifth unit was commissioned later in 2014.[26]
  • 2015 – Adani Power Ltd. announced the completion of acquisition of Udupi Power Corporation Limited on 11 May 2015.[27] With this, Adani Power has a total commissioned capacity of 10,440 MW,[28] making the company the largest private power producer in India.[29]
  • 2017 – In 2017, a unit of Adani Power plant created a national record by continuously operating for 600 days.[30]
  • 2019 – In the fourth quarter ended on 31 March 2019, Adani Power reported a consolidated net profit of Rs 634.64 crores.[31] In the same fiscal the previous year, the company had reported a consolidated net loss of Rs 653.25 crore.[32]

Key People

Gautam Adani is the chairman of the company.[33] He completed his schooling from Sheth Chimanlal Nagindas Vidyalaya in Ahmedabad. He enrolled in a college but dropped out to work as a diamond sorter at Mahindra Bros in Mumbai. After a couple of years, Adani established his own diamond brokerage unit.[34] In 1988, he established Adani Exports Limited, now known as Adani Enterprises Limited – the holding company of the Adani Group.[35] He is the chairman and founder of the Adani Group.[36]

Operations

  • Mundra Thermal Power Station: 4,620 MW (4x330 MW + 5x660 MW) coal-based thermal power plant at Mundra, Kutch district, Gujarat.[37] It operates first power transmission project of 400 kV Double Circuit Transmission System from the Mundra plant to Dehgam (430 km).[38]
  • Kawai Thermal Power Station: 1,320 MW (2x660 MW) coal-based thermal power plant at Kawai village, Baran district, Rajasthan. This plant is fully functional.[39]
  • Udupi Power Plant: 1,200 MW (2x600 MW) coal-based thermal power plant at Padubidri, Udupi district, Karnataka.[40] Both units are fully functional since September 2012. Adani Power acquired this power plant from Lanco Infratech in August 2014 for Rs. 6,000 crores.[41]
  • Tiroda Thermal Power Station: 3,300 MW (5x660 MW) coal-based thermal power plant at Tirora, Gondia district, Maharashtra.[42] It is Maharashtra's largest coal-fired thermal power station.[43]
  • The company produces 40 MW of solar power in Bitta, Kutch Gujarat. This power plant was commissioned in 2011 within 165 days.[44]
  • Raikheda Thermal Power Station: On 2 August 2019, Adani Power Limited completed the acquisition of GMR Chhattisgarh Energy Ltd. (GCEL) which owns and operates a power plant in Raikheda village in Raipur.[45] The acquisition was concluded at an enterprise valuation of Rs. 3,530 crore. This addition has led to an increase in APL's total capacity to 12,450 MW. With this, APL has become the largest private sector thermal power producer.[46]
  • Avantha Korba West Power Station: Adani Power got approval from NCLT in 07-Sep-2019 to takeover this plant.[47]

Future Projects

As of January 2011, the company has 16,500 MW[48] under implementation and planning stage. Included are a 3,300 MW coal-based TPP at Bhadreswar in Gujarat; a 2,640 MW TPP at Dahej, Gujarat; a 1,320 MW TPP at Chhindwara in Madhya Pradesh; a 2,500 MW TPP at Anugul, Orissa;[49] a 2,000 MW[50] TPP at Sambalpur, Orissa;[51] and a 2,000 MW gas-based power project at Mundra, Gujarat.[52] The company is bidding for a 1,000 MW lignite coal-based power plant in Kosovo.[53]

In November 2017, Adani Power (Jharkhand) signed a long-term pact with Bangladesh Power Development Board to supply electricity from its upcoming 1,600 MW plant at Godda in Jharkhand.[54]

As of 2019, the Adani Group is in talks with the Rural electrification Corporation (REC Limited) and Power Finance Corporation (PFC) to set up a 1600 MW Godda Power Project in Jharkhand at a cost of approximately Rs 14,000 crores.[55]

Awards/recognition

The company has won many awards and recognitions. In 2017, Adani Power was named the Most Innovative Young Power Professional by IPPAI (Independent Power Producers Association of India) at the 18th Regulators & Policymakers Retreat. In 2017, CSR Works International with support of British Chamber of Commerce and High Commission of Canada, recognised Adani Power for best sustainability reporting in Asia, in Singapore. In 2018, it bagged the Recognition for Best Environment Management practices by Srishti Publications.[56]

Corruption allegation

Two separate investigations into allegations of trade-based money laundering by Adani companies are underway – one into the fraudulent invoicing of coal imports and the other into a scam involving false invoicing for capital equipment imports.

The group, after signing an agreement with the State government of Tamil Nadu started purchasing land. After purchasing more than 2,500 acres of farming lands in Ramanadhapuram village, the group launched preliminary work in August 2015. The group initially assured that it would give job opportunities for the local erudite youth, free water supply and many perks for the villagers. But, nothing was done, and villagers were left without the agreed basic facilities. A group of farmers moved out of their village. Adani Enterprises Ltd has also been accused of involvement in large-scale illegal iron ore exports and bribery of public officials.[57]

See also

References

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  2. ^ "Adani Power".
  3. ^ "Adani Power Ramps Up Capacity".
  4. ^ "FORTUNEINDIA 500".
  5. ^ "ADANI POWER LIMITED" (PDF).
  6. ^ "SC order seen as shot in arm for Adani Power; puts discoms on the mat".
  7. ^ "Adani Power arm gets more land at NMPT for project expansion".
  8. ^ "Adani Power to commission 40-Mw solar project".
  9. ^ "APL synchronises country's first supercritical power plant".
  10. ^ "Adanis' coal-fired plant at Mundra to earn Rs 600 cr in carbon credits".
  11. ^ "Adani Power inks PPA with Bangladesh Power Development Board".
  12. ^ "Adani becomes first generator to get PPA amended for imported coal-based plants".
  13. ^ "Tata Power arm seeks more time to get states' nod for Mundra PPA revision".
  14. ^ "Mahindra & Mahindra tops CSR list in India even as companies scale up operations".
  15. ^ "Adani Power Ltd".
  16. ^ "Adani commissions first unit of 4620 MW Mundra plant".
  17. ^ "Mundra world's largest coal-fired pvt power plant".
  18. ^ "ADANI POWER LTD. (ADANIPOWER) – COMPANY HISTORY".
  19. ^ "Adani Power synchronises second unit of 660MW at Mundra".
  20. ^ "Adani Power to commission 16,500 MW by 2013 end".
  21. ^ "Adani Power generates highest 4644 MW at Mundra Project".
  22. ^ "Mundra Power Plant, Gujarat, India".
  23. ^ "Adani Group commissions largest solar power project".
  24. ^ "APL commissions third unit of 660 Mw at Tiroda".
  25. ^ "SunEdison, Adani to build $4 billion Gujarat solar facility".
  26. ^ "Tiroda Thermal Power Plant".
  27. ^ "Adani Power completes acquisition of Lanco Infra's Udupi plant".
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  29. ^ "Can Tata beat Adani in the renewable battle?".
  30. ^ "Adani's Mundra plant sets record with 600 days of continuous generation".
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  35. ^ "The Incredible Rise and Rise of Gautam Adani: Part One".
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  47. ^ https://www.newsclick.in/Adani-Power-Sector-Thermal-Power-Plants-NCLT-Chhattisgarh
  48. ^ "Adanis dedicates to nation 1,000-km power transmission system".
  49. ^ "Adani Power's Mundra unit may go on stream next week".
  50. ^ "Adani Group plans to build Rs 12,500 crore power plant in Odisha".
  51. ^ "Energy News Monitor Volume XV; Issue 30".
  52. ^ "LNG terminal, gas power plant planned at Mundra".
  53. ^ "Adani Power in race for 1,000-mw Kosovo project".
  54. ^ "Adani Power inks PPA with Bangladesh Power Development Board".
  55. ^ "Adani Power seeks ₹10,000-cr loan from REC, PFC for Godda plant; to export power to Bangladesh".
  56. ^ "Adani Power Ltd".
  57. ^ "Adani companies facing multiple financial crime, corruption probes".
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