Adani Power Gains Amid Acquisition Buzz
Shares of Adani Power were in focus on Wednesday after reports said that it is in talks to acquire Avantha Power's 1,260-MW power project in Madhya Pradesh. If the deal materialises, it would be second such deal between the two companies.
Adani Power had earlier acquired Gautam Thapar-led Avantha group's 600-MW Korba West unit.
Another report said that Adani Power is also in talks to buy Essar Power Transmission. Essar Power Transmission is a wholly-owned subsidiary of Essar Power.
Adani Power is the biggest private power producer in India with a generation capacity of over 10,000 MW. Adani Power is a subsidiary of Adani Enterprises, which is part of Adani Group.
Adani Power earlier this year announced the completion of the acquisition of 100 per cent shares of Udupi Power Corporation Limited (UPCL) from Hyderabad-based Lanco Infratech Limited in a deal valued Rs 6,300 crore. The transaction was announced in August last year.
As of 11:07 a.m., shares of Adani Power were up over 2 per cent.