Adani Power

Last updated

Adani Power Limited
Company type Public
ISIN INE814H01011
Industry Energy
Renewable Energy
Founded22 August 1996;27 years ago (1996-08-22)
Headquarters
Shantigram, Khodiyar, Ahmedabad, Gujarat, India
Key people
Products
RevenueIncrease2.svg₹43,040 crore (US$5.4 billion) [1]  (2023)
Increase2.svg₹12,044 crore (US$1.5 billion) [1]  (2023)
Increase2.svg₹10,726 crore (US$1.3 billion) [1]  (2023)
Total assets Increase2.svg₹85,821 crore (US$11 billion) [1]  (2023)
Total equity Increase2.svg₹29,875 crore (US$3.7 billion) [1]  (2023)
Number of employees
3,155 (2023)
Parent Adani Group
Website www.adanipower.com OOjs UI icon edit-ltr-progressive.svg
Footnotes /references
[2]

Adani Power is an Indian multinational power and energy company, subsidiary of Adani Group and based in Khodiyar in Ahmedabad, India. It is a private thermal power producer, with a capacity of 15,250 MW [3] and operates a mega solar plant of 40 MW at Naliya, Bitta, Kutch, Gujarat. [4] Adani Godda Power is implementing a 1,600 MW plant at Jharkhand. [5] The company has signed long term power purchase agreements of about 9,153 MW with the government of Gujarat, Maharashtra, Haryana, Rajasthan, Karnataka, [6] and Punjab. [7] [8]

Contents

History

Adani Power was started as a power trading company in 1996. [9]

Key people

Gautam Adani is the chairman of the company. [29] He completed his schooling from Sheth Chimanlal Nagindas Vidyalaya in Ahmedabad. He enrolled in a college at B.Com Course but dropped out to work as a diamond sorter at Mahindra Bros in Mumbai. After a couple of years, Adani established his own diamond brokerage unit. [30] In 1988, he established Adani Exports Limited, now known as Adani Enterprises Limited – the holding company of the Adani Group. [31] He is the chairman and founder of the Adani Group.

Operations

Built by Adani

Taken over by Adani

Future projects

As of January 2011, the company has 16,500 MW [41] under implementation and planning stage. Included are a 3,300 MW coal-based TPP at Bhadreswar in Gujarat; a 2,640 MW TPP at Dahej, Gujarat; a 1,320 MW TPP at Chhindwara in Madhya Pradesh; a 2,500 MW TPP at Anugul, Orissa; [42] a 2,000 MW TPP at Sambalpur, [43] Orissa; [43] and a 2,000 MW gas-based power project at Mundra, Gujarat. [44] The company is bidding for a 1,000 MW lignite coal-based power plant in Kosovo. [45]

In November 2017, Adani Power (Jharkhand) signed a long-term pact with Bangladesh Power Development Board to supply electricity from its upcoming 1,600 MW plant at Godda in Jharkhand. [5]

As of 2019, the Adani Group is in talks with the Rural electrification Corporation (REC Limited) and Power Finance Corporation (PFC) to set up a 1600 MW Godda Power Project in Jharkhand at a cost of approximately Rs 14,000 crores. [46]

Controversies

Allegations of stock manipulation

In January 2023, Hindenburg Research published the findings of a two-year investigation claiming that Adani had engaged in market manipulation and accounting malpractices; Hindenburg also disclosed that it was holding short positions on Adani Group companies. [47] [48] [49] [50] Bonds and shares of companies associated with Adani experienced a decline in value after the accusations. [51] [52] Adani denied the fraud allegations as unfounded and ill intentioned. [53]

Awards

The company has won many awards and recognition. In 2017, it was named the Most Innovative Young Power Professional by IPPAI (Independent Power Producers Association of India) at the 18th Regulators & Policymakers Retreat. In 2017, CSR Works International with support of British Chamber of Commerce and High Commission of Canada, recognized the firm for best sustainability reporting in Asia, in Singapore. In 2018, it received the Recognition for Best Environment Management practices by Srishti Publications. [54]

See also

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References

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  5. 1 2 "Adani Power inks PPA with Bangladesh Power Development Board". Business Standard. Press Trust of India. 8 November 2017. Retrieved 5 May 2020.
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