Gautam Adani to invest $2 billion to build 2500MW power plant in Odisha

Billionaire Gautam Adani is set to invest $2 billion build a 2,500 megawatt power plant in Odisha. This will raise the capacity of Adani group by 25% and boost supply of electricity, media reports suggested. 

This comes just days after the group decided to buy Lanco Infratech's 1,200 megawatt (MW) Udupi power plant in Karnataka in a Rs.6,000 crore deal that would help out a cash strapped Lanco.

The Adani Group, the largest private power producer in India, will sign a pact with the Odisha government in four months to set up a new plant, said Rajesh Jha, who looks after the group's mining business in the state, Reuters reported. The group aims to generate 1,000 megawatt (MW) of electricity by 2017 in Odisha​. The coal will also be sourced from the blocks it has in Odisha, which has a total capacity of 70 million tonnes.

Currently, Adani Power has an installed generation capacity of about 8,580 MW, which will be increased through the deal with Odisha government and Lanco Infratech.

The company has been on a roll Indian with the conglomerate winning state approval earlier this month to build a 300-km rail line for its USD 15 billion Carmichael coal mine project in Australia that will enable transportation of 100 million tonnes of coal a year after construction.

Adani Power stock was down 1.5% today trading at Rs 54.30.