Adani in talks to buy Reliance Power's 600 MW thermal plant
₹2,400-3,000 crore, translating to ₹4-5 crore per MW, the people cited above said on the condition of anonymity. A potential acquisition would help India's largest private thermal power producer capitalize on the rising electricity demand in the country. "Adani Power is negotiating with CFM Asset Reconstruction Co.
to acquire the project under Vidarbha Industries Power Ltd. The value of the project, which consists of two power plant units, was earlier around ₹6,000 crore, but currently, the production (power generation) has stopped; so, the valuation has to be lower. The plant fits into Adani's strategy," one of the two people said.
The Butibori project is owned by Vidarbha Industries Power, a subsidiary of Reliance Power. CFM ARC, which acquired all of its loans for ₹1,265 crore, is currently the only lender to the project. Emails sent to Adani group and CFM ARC remained unanswered.
"The entire deal will be funded through the internal accruals of Adani group," the person cited above said https://www.livemint.com/industry/energy/adani-power-key-beneficiary-after-centre-eases-norms-for-exporters-bangladesh-bound-power-to-be-sold-in-india-11723723461321.html, adding the deal can help Adani gain an edge over others since it is meant for supply in Maharashtra, India's largest power-consuming state. Sajjan Jindal-promoted JSW Energy Ltd had earlier shown interest in the project, but withdrew later citing valuation and operational issues, the person cited above said. An email sent to JSW Energy remained unanswered.
Reliance Power in Mumbai used to source power from Butibori while the company was a distributor in the city. Later, Adani Electricity Mumbai Ltd acquired the Mumbai distribution business. The Vidarbha-Adani power
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