Nagpur: Adani Power, led by Gautam Adani, is reportedly in advanced discussions to acquire a 600-megawatt (MW) thermal power plant in Nagpur from Vidarbha Industries Power, a subsidiary of the now-bankrupt Reliance Power. The deal, valued between Rs 2,000 and 3,000 crore, could translate into approximately Rs 4-5 crore per MW, as reported by Mint.
The thermal power project in Butibori, Nagpur, was initially owned by Reliance Power before it was transferred to Vidarbha Industries Power. The project, which comprises two plants, was once valued at around Rs 6,000 crore. However, the plant has been non-operational, leading to a significant decrease in its valuation.
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Adani Power is currently negotiating with CFM Asset Reconstruction Company, the sole lender to the power project. The outcome of these talks could lead to a strategic acquisition for Adani Power, expanding its footprint in the thermal power sector.
Earlier this year, Reliance Power, under the leadership of Anil Ambani, made headlines for selling its 45-MW wind power project in Vashpet, Maharashtra, to JSW Renewable Energy for Rs 132.39 crore. This transaction was completed in April, following the company’s regulatory filing.
In a related development, Reliance Power’s two subsidiaries settled a debt of Rs 1,023 crore with Reliance Commercial Finance, an arm of Authum Investment, in March. These moves reflect the ongoing efforts by Reliance Power to manage its debt and streamline its operations.
