Adani Power To Buy Avantha Group’s Korba West Power For Rs 4,200 Crore

Adani Power will acquire Korba West Power, a subsidiary of Avantha Power and Infrastructure, for Rs 4,200 crore. The company has signed a memorandum of understanding (MoU) with Adani Power to sell its entire stake in Korba unit, Avantha said in a statement.

Adani Power said that its power-generating capacity will now increase to 11,040 MW. It had earlier acquired 1200-MW Udipi power plant.

"The acquisition consolidates our pan-India presence. We are confident of achieving our target of generating 20,000 MW by 2020," said Gautam Adani, chairman of Adani Group.

Avantha Group’s entities in diversified sectors include Crompton Greaves, BILT, The Global Green Company Limited, Biltech Building Elements Limited, Avantha Power (energy), Salient Business Solutions Limited, Jg Glass.