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Adani Power set to sign deal for $2 bn plant in Jharkhand: Reuters

12-8-2015(2)

Adani Power Ltd will soon sign a deal to set up a $2.2 billion coal-based power plant in Jharkhand, two people with knowledge of the matter said, as its controlling shareholder aims to nearly double capacity this decade.

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The utility, controlled by billionaire Gautam Adani, plans to build two power units with a total capacity of 1,600 MW and construction could begin by December, one of the people said, adding there is a meeting scheduled in Jharkhand next week and a deal would be sealed this month.

The other person, a Jharkhand government official, said most government approvals were in place already.

An Adani Power spokeswoman did not immediately respond to a request for comment.

The electricity generated from the Jharkhand units would be sold to power-deficient Bangladesh, where Adani is trying to expand as part of his goal to make the group a multinational energy and infrastructure conglomerate.

Flagship Adani Enterprises Ltd, which is fighting legal challenges to start a $7 billion mine coal near the Great Barrier Reef in Australia, wants to take its electricity generation capacity in India to 20,000 MW this decade through Adani Power.

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