Good news for Gautam Adani as Adani Power wins major deal, set to supply..., to invest Rs 17084 crore at...
Meet man who worked at small pastry shop, now runs Rs 167227 crore company, his name is…, his business is…
Gautam Adani is a central figure in India's corporate world, spearheading the Adani Group, a conglomerate with diverse holdings in sectors such as infrastructure, energy, logistics, and more. According to Forbes' 2025 World's Billionaires List, Gautam Adani holds the 28th position, with a net worth of $56.3 billion.
Earlier on Saturday, Adani Power said that it won a tightly contested bid to supply 1500 MW (net) of thermal power to Uttar Pradesh. As part of the contract, the Adani Group company will supply power at a highly competitive tariff of Rs 5.383 per unit from a greenfield 2×800 MW (1500 MW net) Ultra-supercritical power plant to be set up in the state under the Design, Build, Finance, Own, and Operate (DBFOO) model.
This is further to the Uttar Pradesh cabinet approving the project earlier this month. The Company will now sign a long-term Power Supply Agreement (PSA) with Uttar Pradesh Power Corporation Ltd. (UPPCL) under the Letter of Award (LoA) received today, reads the statement on the official website of Adani Group.
'We are happy to have won the competitive bid to supply 1,500 MW power to UP state and feel privileged to play a leading role in meeting the state's rapidly growing power demand. We plan to set up a modern and low emission Ultra-supercritical plant in UP and aim to begin supplying reliable and high-quality power by FY30,' S.B. Khyalia, Chief Executive Officer, Adani Power was quoted as saying by the Adani Group.
Khyalia said Adani Power would invest USD 2 billion in setting up the plant and related infrastructure. The project is expected to generate direct and indirect employment of 8,000-9,000 during the construction phase and 2,000 once in operation. Thermal power demand in UP is seen rising by 11,000 MW by 2033-34 owing to factors like industrialisation, urbanisation, and modernisation.
This is second major PSA bid the company has won in the last one year, after receiving the composite 6,600 MW (1600 MW thermal and 5000 MW solar) LoI from Maharashtra State Electricity Distribution Company Ltd. (MSEDCL) in Sep 2024, which subsequently has been converted into a PSA.
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