Adani Power Ltd. (APL) completed the acquisition of Lanco Infratech’s Udupi Power plant for Rs. 6,300 crore, one of the largest takeovers in the country’s thermal power space.
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APL completed “the acquisition of 100 per cent of the shares of Udupi Power Corporation Ltd (UPCL) from Hyderabad based-Lanco Infratech Ltd,” the company said in a statement.
UPCL is a 1200 mega watt power plant based on imported coal and includes a captive jetty for coal imports, it said.
The transaction was announced in August last year.
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UPCL has long-term power sale agreements with the Discoms of the states of Karnataka and Punjab.
Commenting on the development Adani Group Chairman Gautam Adani said, “The completion of the Udupi Power acquisition formalises the entry of Adani Power into Southern India and is further testimony to our commitment to enhance our pan-India footprint in the Indian power sector.”
“The Adani Group remains committed to helping India on its path to attaining energy sufficiency...The Udupi Power acquisition is thus, a huge step for us as it will definitely help us deliver on our promise of achieving 20,000 mw (megawatt) of capacity by 2020.”
APL is the country’s largest private sector power generation company with installed capacity of 9,240 mega watt. With acquisition of the UPCL, the capacity of APL increases to 10,440 mega watt.