ADTPS supplies power under a long-term power purchase agreement (PPA) to the Mumbai power distribution circle of Adani Electricity Mumbai.
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This acquisition, which is consistent with the long term ESG risk management strategy, will enable consolidation of thermal power generation capacities of Adani portfolio companies under one umbrella to maximise synergistic benefits and leverage the companys experience and capabilities for improved operational efficiency and reliability.
Total investment for the acquisition of ADTPS is Rs 815 crore, which is in the form of cash. In addition to this, the company will spend another approximately Rs 450 crore over the next five years towards life extension capex for the ADTPS power plant.
Adani Power, a part of the diversified Adani Group, is the largest private thermal power producer in India.
The company has reported 55.33% fall in consolidated net profit to Rs 3,912.79 crore in Q1 FY25 as compared to Rs 8,759.42 crore recorded in Q1 FY24. However, revenue from operations jumped 35.89% YoY to Rs 14,955.63 crore in the quarter ended 30 June 2024.
The scrip rose 0.27% to end at Rs 656.05 on Monday, 30 September 2024.