Avantha, Adani sign share purchase pact for Korba plant

NEW DELHI: Adani Power has signed a binding share purchase agreement with Avantha Power and Infrastructure to acquire 100 per cent of its Korba West Power Company valued at Rs 4,200 crore.

Korba West Power Company Ltd (KWPCL) is a special purpose vehicle (SPV), valued at Rs 4,200 crore, which has commissioned a coal-based thermal 600 MW power plant, Avantha Power and Infrastructure said in a statement today.

With this buy, the installed base of Adani Power will increase to 11,040 MW. The company has set a target of 20,000 MW capacity by 2020.

Avantha Group's entities in diversified sectors include Crompton Greaves (power transmission and distribution equipment and services), BILT (paper and pulp), Global Green Company Limited (food processing), Biltech Building Elements Limited (infrastructure), Avantha Power (energy), Salient Business Solutions Limited (IT and ITES), Jg Glass (glass container).