Adani Power in talks to buy Reliance Power's 600-MW thermal plant in Nagpur: Report
Ahmedabad/IBNS: Adani Power, a subsidiary of Adani Group, is in discussion to acquire the 600-MW Butibori thermal power project in Nagpur for Rs 2,000-3,000 crore, and the value of the deal could translate into Rs 4-5 crore per megawatt, Mint reported on Monday (Aug 19) citing its sources.
The Butibori thermal power plant, which was once owned by bankrupt Reliance Power, is now under Vidarbha Industries Power, a subsidiary of Rel Power, reports Mint.
The Gautam Adani-led Adani Group is in discussion with CFM Asset Reconstruction Company, which is the only lender to the power project, according to the Mint report.
The thermal power project has two plants and could have been valued near Rs 6,000 crore.
However, it has been shut and that has affected the valuation, pointed out the business daily, as per the report.
Earlier in April, the Anil Ambani-led Reliance Power had completed the slump sale of its Vashpet, Maharashtra, wind power project to JSW Renewable Energy.
In a regulatory filing on April 12, Reliance Power reported that it had "concluded the slump sale / transfer of its 45-MW wind power project at Vashpet, Maharashtra, to JSW Renewable Energy (Coated) Limited and the consideration amounting to Rs 132.39 crore had been received", according to Mint.
Before that in March, the company’s two subsidiaries settled debt worth Rs 1,023 crore with Authum Investment's arm Reliance Commercial Finance, as reported by Mint.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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