Adani Buys Lanco Udupi Power Plant for Rs 6K cr
By ENS Economic Bureau | Published: 14th August 2014 06:00 AM |
NEW DELHI: : Infrastructure major Lanco Infratech Limited (LITL) announced that the company has sold its Udupi Power Plant to Gujarat-based Adani Power Limited for approximately Rs 6,000 crore.
LITL has business verticals in EPC, Power, Solar, Natural Resources. The power plant has 1,200 MW capacity and has already signed an MoU with the Karnataka Government for expanding it further to 1,320 MW.
The plant supplies 90 per cent of its power to the Karnataka government and 10 per cent to the Northern state of Punjab. It is reported to be the first independent power project (IPP) in the country based on 100 per cent import coal and has a captive jetty of 4 million tonnes per annum. It also hase an external coal handling system in the New Mangalore Port Trust, it was reported.
The transaction will support LITL in reducing its debt and recieve Rs 2,000 crore cash as Adani will take the power plant’s long-time debt of Rs 4,000 crore, agency sources said.
The big ticket deal comes less than three weeks after Reliance Power agreed to acquire three hydel projects of Jaypee Group. Adani Power, was also in the race for those hydro plants.