Adani in talks to buy Adhunik Power

Success of coal block auctions seems to be fuelling deal flow in the power sector. Gautam Adani's Adani Power is on the prowl and is in advanced talks with Adhunik Group to buy Adhunik Power, sources with direct knowledge said.

Deal negotiations are hovering between Rs 3,500 to 4,000 crores which is the expected enterprise value of Adhunik Power, a source shared. Adhunik Metaliks will use the proceeds to re-pay part of the debt pile on its books.

Adhunik Metaliks, IDFC and SBI Macquarie Infrastructure Fund together own 100% stake in Adhunik Power and are in talks with Adani Power to sell the entire company. Adhunik Power operates 540 MW of power in the state of Jharkhand.

When contacted Adhunik Group did not respond to ET NOW’s query on this development. Adani Power’s spokesperson said, "Do not comment on market speculation."