Adani Power to Build 1,600 MW Ultra-Supercritical Plant in MP Under DBFOO Model

Adani Power has clinched a major win by securing a 1,600 MW ultra-supercritical thermal power project from MP Power Management Company Ltd (MPPMCL). The project will be developed in Anuppur district under the Design, Build, Finance, Own, and Operate (DBFOO) model, with a total investment of ₹21,000 crore. Earlier, the company had received LoA for supply of 800 MW power.

This marks the first use of the greenshoe mechanism in India’s thermal power sector—a notable innovation in public-private energy contracts.

This innovative inclusion of a greenshoe mechanism in coal-based power procurement will help Madhya Pradesh in meeting its ever-growing electricity demand owing to increased industrialization and urbanisation, enhancing energy security for the state.

Key Highlights:

• Capacity Split: 800 MW initially awarded, followed by another 800 MW under the Greenshoe Option—a first-of-its-kind move in Indian thermal tenders.
• Tariff: Both allocations are priced at ₹5.838/kWh.
• Timeline: Commissioning expected within 60 months from the appointed date.
• Fuel Security: Coal linkage secured under the SHAKTI Policy of the Government of India.
• Employment Impact: Estimated 9,000–10,000 jobs during construction and 2,000 jobs during operations.

Strategic Implications:

This deal not only boosts Adani Power’s total awarded capacity to 7,200 MW in the past year, but also strengthens Madhya Pradesh’s energy security amid rising industrial and urban demand. The greenshoe mechanism—borrowed from capital markets—signals a new era of flexibility in power procurement.

While Adani Power has existing thermal operations across 12 plants nationwide, including one in Madhya Pradesh, the Anuppur project appears to be its primary active expansion in the state.

The company’s broader energy portfolio includes solar, wind, and transmission infrastructure, but no additional MP-specific projects have been publicly confirmed beyond this thermal initiative.

Adani Power Greenlights Stock Split: ₹10 Shares to Become ₹2 Units

Adani Power shareholders have approved a 1:5 stock split through e-voting, a move aimed at boosting liquidity and retail investor participation.

Key Details:

• Split Ratio: Each ₹10 equity share will be split into five ₹2 shares, fully paid-up.
• Voting Period: E-voting ran from August 6 to September 4, 2025, with overwhelming support—99.9993% votes in favor.
• Capital Structure Impact:
• Authorized Capital remains ₹28,000 crore.
• Paid-up Capital shifts from 385.69 crore shares of ₹10 to 1,928.47 crore shares of ₹2, keeping the total paid-up value unchanged at ₹3,856.94 crore.
• Record Date: Yet to be announced by the board.

Strategic Rationale:

• Affordability: Lower face value makes shares more accessible to small investors.
• Liquidity Boost: More tradable shares in the market.
• Retail Participation: Encourages broader ownership and engagement.

Earlier this year, Paras Defence & Space Technologies executed a 1:2 stock split reducing its face value from ₹10 to ₹5. The record date was July 4, 2025, and the intent was to make shares more affordable for retail investors, aligning with its growing visibility in the defence-tech space.

Similarly, Cool Caps Industries opted for a 1:5 split, mirroring Adani Power’s structure. With a record date also set for July 4, 2025, the company aimed to increase its tradable float and attract smaller investors, especially in the packaging and thermal insulation segments.

India Glycols Ltd, known for its green chemistry and bio-based products, approved a 1:2 split from ₹10 to ₹5, with the record date falling on August 12, 2025. The move was designed to enhance market accessibility and broaden its investor base.

In the financial services sector, Bajaj Finance Ltd carried out a 1:2 split, lowering its face value from ₹2 to ₹1. The record date was June 16, 2025. This decision was part of a broader strategy to improve liquidity and align its share price with peer valuations, making it more attractive to retail investors.

Lastly, Coforge Ltd, a mid-cap IT services firm, implemented a 1:5 split from ₹10 to ₹2 on June 4, 2025. The split was positioned as a signal of growth confidence and a way to broaden its investor base amid rising demand for digital transformation services.

Adani Power Completes Acquisition of 600 MW Vidarbha Power for ₹4000 Cr

Adani Power Ltd. has officially completed the ₹4,000 crore acquisition of Vidarbha Industries Power Ltd. (VIPL), a 600 MW coal-fired power plant located in Butibori, Nagpur district, Maharashtra.

Key Highlights of the Acquisition

• Deal Value: ₹4,000 crore
• Plant Capacity: 2×300 MW (600 MW total)
• Location: Butibori, Nagpur, Maharashtra
• Route: Acquired under the Insolvency and Bankruptcy Code (IBC)
• Approval: Resolution plan approved by the Mumbai Bench of NCLT on June 18, 2025
• Implementation Date: July 7, 2025

Strategic Impact

• New Total Capacity: Adani Power’s operational capacity now stands at 18,150 MW
• 2030 Target: On track to reach 30,670 MW by FY30 through a mix of brownfield and greenfield projects
• CEO Statement: SB Khyalia called it a “key milestone” in Adani Power’s strategy to revive stressed assets and support India’s “Electricity for All” vision

Expansion Projects Underway

• Building six 1,600 MW ultra-supercritical thermal power plants in Madhya Pradesh, Chhattisgarh, and Rajasthan
• Developing a 1,600 MW greenfield project in Mirzapur, Uttar Pradesh
• Reviving a 1,320 MW supercritical plant at Korba

Adani Power Supercharges Portfolio with VIPL Buyout, Hits 18,150 MW Milestone

Adani Power’s recent acquisition of Vidarbha Industries Power Limited (VIPL) marks another strategic leap in its ongoing expansion across India’s power sector. Approved by the National Company Law Tribunal (NCLT), the ₹4,000 crore deal is expected to close by 17 July 2025, allowing Adani to take over VIPL’s 600 MW thermal plant in Nagpur—a former Reliance Power asset burdened with ₹6,753 crore in liabilities.

This move not only boosts Adani Power’s total capacity to 18,150 MW but also underscores its broader strategy: scaling up through the revival of distressed infrastructure.

Over the past decade, Adani Power has emerged as a dominant force in thermal energy by acquiring and turning around financially ailing assets. These include the 1,200 MW Mahan Energen in Madhya Pradesh, the 1,370 MW Raipur Energen in Chhattisgarh, and Raigarh Energy Generation’s 600 MW unit.

In Tamil Nadu, it took over Coastal Energen’s 1,200 MW plant, later merged with Moxie Power. Earlier acquisitions like Udupi Power from Lanco and the Mumbai distribution business from Reliance Infrastructure illustrate a long-term commitment to consolidating fragmented capacity under one operational umbrella.

Together, these deals reflect a high-stakes consolidation trend reshaping India’s thermal power landscape—one where financially stressed assets become stepping stones for giants like Adani. As the country pushes to balance its energy needs with economic pragmatism, Adani Power’s acquisition playbook offers a revealing glimpse into the future of Indian energy infrastructure.

Adani Power Gets Creditors Nod to Acquire Vidarbha Industries Power

Adani Power has received approval from the committee of creditors to acquire Nagpur based Vidarbha Industries Power Ltd (VIPL), which is currently undergoing insolvency proceedings.

Adani Power submitted a resolution plan to acquire VIPL, which was approved by the Committee of Creditors (CoC) on February 24, 2025. Adani Power received a Letter of Intent (LOI) from the Resolution Professional, marking a significant step towards the acquisition.

VIPL was a subsidiary of Reliance Power before undergoing insolvency proceedings under the Insolvency and Bankruptcy Code (IBC) 2016. Incorporated on December 27, 2005, as a public limited company in Mumbai, Maharashtra, VIPL was initially known as Reliance Mineral Resources Limited before being renamed.

VIPL entered the Corporate Insolvency Resolution Process (CIRP) due to financial difficulties. The National Company Law Tribunal (NCLT) initiated the insolvency proceedings in September 2024.

VIPL operates a 2x300 MW (600 MW) thermal power plant located in the MIDC Industrial Area, Butibori, Nagpur.

The acquisition is contingent upon approvals from the National Company Law Tribunal and adherence to the terms of the letter of intent.

This move is part of Adani Power's strategy to expand its footprint in the power sector. The implementation of the resolution plan will be subject to the requisite approvals from regulatory authorities.

Adani Power has previously acquired other power assets, including Dahanu Power and Lanco Amarkantak Power Limited.

Adani Group to Invest $3.36 Billion in Bihar; To Set Up Ultra-supercritical Thermal Power Plant

The Adani Group has announced a massive investment of Rs 28,000 crore (about 3.36 Billion USD) in Bihar. This investment will be used to set up an ultra-supercritical thermal power plant, expand cement production capacity, and enhance their food processing and logistics businesses.

An ultra-supercritical thermal power plant is a type of power plant that operates at extremely high temperatures and pressures. This advanced technology allows the plant to achieve higher efficiency and lower emissions compared to traditional coal-fired power plants. These plants can achieve efficiencies of around 46%, compared to about 38% for subcritical plants and 41-42% for supercritical plants.

This project is expected to create thousands of jobs and significantly boost Bihar's infrastructure. It's a major step towards addressing the state's electricity deficit and promoting economic growth. This means they use less coal to produce the same amount of electricity.

The group plans to invest Rs 20,000 crore to set up this power plant, which is expected to generate around 12,000 jobs during the pre-commissioning phase and 1,500 skilled jobs during operations.

Cement Production: An additional Rs 2,500 crore will be invested to expand cement production capacity to 10 million tonnes per annum (MMTPA), creating 9,000 jobs.

Logistics and Warehousing: Rs 2,300 crore will be invested to enhance logistics and warehousing facilities, generating 27,000 jobs.

Smart Meter Manufacturing: The group will invest Rs 2,100 crore to manufacture and install 28 lakh smart meters in cities like Siwan, Gopalganj, Vaishali, Saran, and Samastipur, creating 4,000 jobs.

Strategic Infrastructure: Another Rs 1,000 crore will be invested in developing strategic infrastructure such as Gati Shakti Railway Terminals, Inland Container Depots (ICDs), and Industrial Warehousing Parks.

Overall, this investment is to create 53,500 direct and indirect jobs and significantly boost Bihar's infrastructure and economy.

Adani Power to Acquire 500 MW Dahanu Thermal Power Station from NMPL for ₹ 815 Crore

Adani Power has signed a business transfer agreement to acquire the 500 MW Adani Dahanu Thermal Power Station (ADTPS) from North Maharashtra Power Limited (NMPL) for Rs 815 crore. This acquisition is part of a broader strategy to consolidate Adani's thermal power generation capacities under one umbrella, aiming to enhance operational efficiency and reliability.

The Dahanu Power Plant, located in Palghar, Maharashtra, supplies power under a long-term agreement to Adani Electricity Mumbai Limited. Adani Power plans to invest an additional Rs 450 crore over the next five years for life extension capital expenditure on the plant.

“The acquisition of ADTPS will enable consolidation of thermal power generation capacities of Adani portfolio companies under one umbrella to maximise synergistic benefits and leverage the company’s experience and capabilities for improved operational efficiency and reliability of the power plant,” Adani Power said in the statement to BSE.

This move is also aligned with Adani's efforts to meet environmental, social, and governance (ESG) norms, potentially attracting ESG-focused investors.

Adani Power Limited is the largest private thermal power producer in India, with an installed capacity of 15,250 MW. This capacity is spread across nine power plants located in various states, including Gujarat, Maharashtra, Rajasthan, Karnataka, Chhattisgarh, Madhya Pradesh, and Jharkhand.

Tata Power has a total installed capacity of 14,381 MW, which includes a mix of thermal, hydro, solar, and wind power. As the largest power producer in India, NTPC has an installed capacity of over 66,000 MW, primarily from thermal power plants but also including significant contributions from hydro, solar, and wind sources.

Adani Power’s focus on thermal power gives it a significant edge in that specific segment, while companies like Tata Power and NTPC have more diversified portfolios, including substantial renewable energy capacities.

Adani Power-led Consortium's Acquisition of Coastal Energen Temporarily Suspended by NCLAT

The National Company Law Appellate Tribunal (NCLAT) in Chennai has temporarily halted the acquisition of Coastal Energen by a consortium led by Adani Power. This decision follows appeals from Ahmed Buhari, a suspended director of Coastal Energen, and shareholders Precious Energy Holdings and Mutiara Energy Holdings. They contested the takeover, arguing that due process was not followed and that the consortium was a sham.

The NCLAT has ordered that Coastal Energen's power plant in Thoothukudi, Tamil Nadu, will continue to be managed by the Interim Resolution Professional until the next hearing on September 18.

Coastal Energen, established in 2004, is the power generation subsidiary of the Coal & Oil Group, which was founded by Ahmed Buhari in the 1980s. The company operates a significant coal-based thermal power plant in Thoothukudi, Tamil Nadu.

Last week, Adani Power Ltd. consortium, in which Adani Power holds 49% stake, completed the acquisition of Coastal Energen Pvt. for Rs 3,330.88 crore, which was part of a resolution plan approved by the National Company Law Tribunal (NCLT).

Ahmed Buhari, a suspended director of Coastal Energen, along with shareholders Precious Energy Holdings and Mutiara Energy Holdings, filed appeals against the. . They argued that the due process was not followed during the takeover.

The appellants claimed that the consortium led by Adani Power was a sham and that the acquisition process lacked transparency.

To ensure the smooth operation of Coastal Energen’s power plant in Thoothukudi, Tamil Nadu, the NCLAT has decided that the plant will continue to be managed by the Interim Resolution Professional until the next hearing.

The next hearing is scheduled for September 18, where further deliberations will take place.

Adani Group on Acquisition Spree, Acquires Dubai's Astro and Tamil Nadu's Coastal Energen, FMCG Arm Seeks 3 Brands to Buy

The Adani Group has been on an acquisition spree recently as the Group's three separate portfolio firms has acquired three different companies/projects located across the geographies.

Adani's logistics and port arm, Adani Ports and Special Economic Zone Ltd (APSEZ), has acquired Dubai-based Astro, while the power arm of Gautam Adani promoted group acquired Coastal Energen. The FMCG unit is on a $1 Billion plan for acquiring three brands of the market. In addition to these, Adani Energy Solutions Ltd has acquired the Khavda Phase-IV Part-A transmission project, aimed at evacuating 7 GW of renewable energy from Khavda Renewable Energy park in Gujarat.

Dubai's Astro

Adani Group has acquired Astro, a leading global OSV operator in the Middle East, India, Far East Asia and Africa, which is based out of Dubai. The acquisition will help Adani to expand its international footprint and diversify its business portfolio.

In the end of last week, Adani Ports and Special Economic Zone Ltd (APSEZ) announced that it is acquiring 80% stake in Astro, a global offshore service vehicle operator, in an all-cash deal for $185 million, implying an EV of $235 million and EV/FY25E EBITDA at 4.4x, as per the company press release.

Tamil Nadu's Coastal Energen

In Tamil Nadu, Adani has acquired Coastal Energen, a significant player in the energy sector. This acquisition is expected to bolster Adani's energy production capabilities.

Adani Power Ltd. Consortium, in which Adani Power holds 49% stake, has completed the acquisition of Tamil Nadu-based Coastal Energen Pvt. for Rs 3,330.88 crore. This acquisition was part of a resolution plan approved by the National Company Law Tribunal (NCLT). Coastal Energen owns and operates a 1,200 MW thermal power plant in Tuticorin, Tamil Nadu, which supplies 558 MW to the state distribution company, TANGEDCO, under a long-term power purchase agreement.

Khavda Renewable Energy Project

In a separate acquisition, which is of a project rather than a company, Adani Energy Solutions Ltd (AESL), formerly Adani Transmission, has been awarded the project to develop a 7 GW renewable energy evacuation transmission network in Khavda, Gujarat. This project is part of the Khavda Phase IV Part-A transmission initiative and aims to support the evacuation of renewable energy from the Khavda Renewable Energy Park, which is the world’s largest renewable energy park with a planned generation capacity of 30 GW.

The $1 Billion FMCG Buying Plan

Adani's FMCG Arm, Adani Wilmar, is actively seeking to acquire three brands to strengthen its market position and expand its product offerings.

Adani Wilmar is planning to invest up to $1 billion to acquire three FMCG brands. These acquisitions are part of their strategy to strengthen their presence in the packaged consumer goods market, particularly in the eastern and southern regions of India. The targeted brands specialize in spices, packaged foods, and ready-to-cook products.

These strategic acquisitions are part of Adani Group's broader plan to enhance its presence across various sectors, including energy, infrastructure, and consumer goods.

The acquisition of Coastal Energen and other energy assets has bolstered Adani’s market share in the energy sector, further solidifying its position as a leading energy producer.

Overall, these acquisitions have been seen as strategic moves to diversify and strengthen Adani’s business portfolio, which has generally been met with a positive response from the market.

Despite some controversies, such as the Hindenburg report, the Adani Group has managed to maintain investor confidence by emphasizing the robust health of its underlying assets. This has been reflected in the steady performance of its stocks.

Adani to Construct 1,600 Mw Ultra-Supercritical Thermal Power Plant Mirzapur, UP

Adani Power is embarking on a significant project to construct a 1,600 megawatt (MW) ultra-supercritical thermal power plant in Mirzapur, Uttar Pradesh. This initiative is a key component of the company's strategy to double its thermal power capacity from the current 15.25 gigawatts (GW) to approximately 30.67 GW by 2030. The project is being led by Mirzapur Thermal Energy, a subsidiary of Adani Power, and it represents a ₹14,000 crore investment.

The project will be executed by Mirzapur Thermal Energy (UP) Pvt. Ltd., a subsidiary of Adani Power that was formerly part of the Welspun Group before its acquisition in 2019.

Adani has engaged Bharat Heavy Electricals Ltd (BHEL) for equipment supply and project supervision in this ambitious expansion. Adani Power has awarded a contract worth Rs 3,500 crore to BHEL.

BHEL will also supervise the erection and commissioning of the new facility, ensuring that it meets the stringent standards required for ultra-supercritical technology, which is known for its efficiency and lower emissions.

The Mirzapur project is part of a broader strategy by Adani Power to enhance its thermal portfolio. They are also expanding their existing 1,370 MW plant in Raipur, Chhattisgarh, with an additional 1,600 MW capacity.

Ultra-Supercritical (USC) technology offers several advantages in thermal power plants as it combines efficiency, environmental benefits, and economic viability, making it a promising choice for sustainable power generation.

The USC boilers operate at higher temperatures and pressures, resulting in improved efficiency. It achieve higher steam cycle efficiency (typically around 45-48%) compared to subcritical or supercritical plants. Moreover, USC technology requires less fuel (coal, natural gas, or biomass) to produce the same amount of electricity. This contributes to energy conservation and cost savings.

In addition to above benefits, USC plants emit fewer greenhouse gases and pollutants per unit of electricity generated. The higher efficiency leads to lower C₂ emissions and helps combat climate change.

Besides, USC plants respond faster to load changes, making them suitable for grid stability. Their ability to ramp up or down quickly supports integration with renewable energy sources.

Higher efficiency and reduced fuel consumption translate to better financial performance. USC plants offer a competitive advantage in the energy market.

Adani Power to Acquire US-based AES Corporation's 49 % Equity Stake in Odisha Power

Adani Power will acquire US-based The AES Corporation's 49 per cent equity stake in Odisha Power Generation Corporation for USD 135 million (around Rs 1,019 crore), the Adani group firm said on Tuesday.

"Adani Power Ltd (APL) has signed a definitive agreement to acquire the 49 per cent stake in Odisha Power Generation Corporation (OPGC) from the affiliates of The AES Corporation (AES), the US-based global energy company," a regulatory filing said.

Adani Power will acquire a total of 89,30,237 equity shares held in OPGC representing 49 per cent of the total issued, paid-up and subscribed equity share capital of OPGC for USD 135 million.

The OPGC operates 1,740 MW thermal power plant at Banharpalli in Jharsuguda district, Odisha.

This plant is the mainstay of the Odisha state for base load power supply and amongst the lowest-cost power generated in the state.

The supercritical capacity of 1,320 MW is a recently commissioned modern plant with low carbon footprint.

The plant has a long-term power purchase agreement (PPA) valid for 25 years with the state owned off taker GRIDCO and sources fuel from a nearby captive mine.

The Government of Odisha holds the balance 51 per cent stake in OPGC.

The acquisition also marks APL's foray into Odisha state, and it demonstrates the Adani Group''s long-term commitment to develop and operate high quality infrastructure in the state, it said.

AES and Adani Group shall continue to partner to facilitate the delivery of renewables and energy storage in India, it added.

The Transaction is subject to customary regulatory approvals including
compliance with applicable requirements in relation to the Government of Odisha and the receipt of regulatory approvals such as Competition Commission of India and Reserve Bank of India, it added.

The turnover of OPGC during 2018-19 was Rs 887.71 crore.