Big win for Gautam Adani, this company gets approval for Rs 262981420500 project from…, to set up 2400 MW…
Adani Power announced that it has received a Letter of Intent (LoI) from the Bihar State Power Generation Company to build and operate a 2,400-megawatt greenfield thermal power plant in Bihar's Bhagalpur district. The project involves an investment of USD 3 billion.
The company expects to receive the LoA (Letter of Award) in due course and subsequently the Power Supply Agreement (PSA) will be executed with the state utilities. What Work Adani Power Will Do?
The LoI has been awarded from Bihar State Power Generation Company Ltd (BSPGCL) to supply 2,274 MW energy North Bihar Power Distribution Company Ltd (NBPDCL) and South Bihar Power Distribution Company Ltd (SBPDCL), the Adani Group company said in a statement on Thursday.
Adani Power was the lowest bidder in the tightly-contested tender process, with the final supply price of Rs 6.075 per KWh. As part of the contract, the company will supply power from a greenfield 3×800 MW Ultra-supercritical power plant, to be set up under the Design, Build, Finance, Own, and Operate (DBFOO) model.
The first unit will be commissioned within 48 months of the appointed date, and the last one within 60 months of the appointed date.
'We have won the bid to develop and operate a 2,400 MW thermal power project in Bihar. We will set up a new greenfield plant with an investment of USD 3 billion, which is expected to further aid industrialization in the state,' said S B Khyalia, Chief Executive Officer of Adani Power. Adani Power To Generate 10,000-12,000 Jobs
He said the new plant will be an advanced, low-emission ultra-supercritical and will supply dependable, competitively priced, and high-quality power to the state.
The plant will receive fuel from the allocated coal linkage under the SHAKTI Policy of Government of India.
The project is expected to generate direct and indirect employment of 10,000-12,000 personnel during the construction phase and 3,000 once in operation.
The company has an installed thermal power capacity of 18,110 MW spread across twelve power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, Jharkhand, and Tamil Nadu, apart from a 40 MW solar power plant in Gujarat.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
15 minutes ago
- Economic Times
Banks must settle a/cs, lockers and articles in safe custody of deceased customer within 15 days of claim: RBI
Synopsis These proposals are aimed at standardising the claims processes across the banking sector, maintaining uniformity and compensating the customer in case of inconvenience. The final guidelines are expected to be enforced by January 1, 2026. TIL Creatives Representational image of a bank The Reserve Bank of India (RBI) has said banks must settle deposit accounts, safe deposit lockers and articles in safe custody of a deceased customer within 15 days of claim, proposing hefty penalties for non-compliance. In a draft circular, the central bank suggested banks pay the customer's kin the bank rate plus 4% per year interest for the period of delay on settling deposits, and Rs 5000 per day for delay in settlement of lockers. The bank rate currently is at 5.75%. These proposals are aimed at standardising the claims processes across the banking sector, maintaining uniformity and compensating the customer in case of inconvenience. The final guidelines are expected to be enforced by January 1, 2026. The draft circular said that if a nominee exists, the nominee would have to furnish a deceased customer's death certificate, claim form and a government ID card to access deposits. If no nominee exists, the customer will have to further provide a bond of indemnity signed by claimants, no objection from other legal heirs and a legal heir certificate or declaration by an independent person, the draft circular said. 'If any deposit related claim is not settled within the timeframe stipulated, then the bank shall communicate to the claimants the reasons for such delay… The reference date for reckoning the amount due and the prevailing bank rate shall be the date of receipt of all requisite documents from the claimant,' said the RBI draft circular published on August 6. In case of a disputed will, documents of probate of will, letter of administration and succession certificate or court decree would be required. Banks can accept the will without any probate if the will is not disputed. For settlement of the locker, nominees should provide a death certificate and official identity proof. For a case without a nominee, one would require a claim form signed by legal heirs, death certificate, address proof ,no objection from non-claimant legal heirs and legal heir certificate. The RBI also said that this compensation is meant to provide relief to claimants and is not a regulatory penalty payable to the central bank. The draft circular mandates banks to make claim procedures transparent, user-friendly, and available both in-branch and online, with clear communication at every step. "For us at RBI, the interest and welfare of the citizens of India is foremost," Governor Sanjay Malhotra said Wednesday while delivering his monetary policy statement. "We will be standardising the procedure for settlement of claims in respect of bank accounts, and articles kept in safe custody or safe deposit lockers of deceased bank customers. This is expected to make settlement more convenient and simpler.'
Economic Times
15 minutes ago
- Economic Times
Road ministry aims to award Rs 10 lakh crore of projects every year: Nitin Gadkari
The government aims to award road projects worth Rs 10 lakh crore every year going forward with a target of Rs 7 lakh crore of projects awarded by the end of 2025-26, road transport and highways minister Nitin Gadkari said. 'The sector witnessed some slowdown in the last one year due to the cancellation of the Bharatmala project,' Gadkari said while speaking at the annual session of the Indian Construction Equipment Manufacturers' Association (ICEMA) on Thursday. 'But in the current year we have already awarded projects worth Rs 2 lakh crore and the plan is to award another Rs 5 lakh crore worth of road projects by the end of this year, taking the total to Rs 7 lakh crore,' he said. Going forward, the target is to award projects worth Rs 10 lakh crore every year, he said, adding that the process is transparent, time bound and corruption free and there is no shortage of funds. Gadkari reiterated his desire to achieve the daily construction rate of 100 km per day as against the highest of 37 km per day in 2020-21. Addressing the construction equipment industry, Gadkari said his ministry is deliberating over incentives to the industry if they opt for alternate fuels and flex engines as it will be a win-win for all stakeholders. 'We are considering an interest- free loan to construction equipment makers who develop equipments running on alternate fuels,' he said.' Besides, a relief on one time tax on constitution equipment registration running on alternate fuels is also under consideration,' he said, prodding the industry to switch to alternate and sustainable fuel options. 'This will substitute for huge fuel imports amounting to Rs 22 lakh crore per annum, will be cost effective, pollution free and indigenously developed,' he said, adding it will be a win-win situation for industry, government and the country.
Time of India
18 minutes ago
- Time of India
Mukesh Ambani pushes deep-tech overhaul as Reliance nears golden jubilee
Reliance Industries Limited (RIL) is undergoing a significant transformation, steering itself into a deep-tech-driven future as it nears its 50th anniversary. In a letter to shareholders, as shared in the company's annual report, Chairman and Managing Director Mukesh Ambani said the company is embracing rapid global changes by reshaping its core businesses with cutting-edge technology. At the centre of this transition are four identified growth engines — Retail, Digital Services, Media and Entertainment, and New Energy. 'Each of these platforms is technology-first, innovation-led, and positioned to disrupt industries while delivering massive value to Indian consumers and the global market,' Ambani said. 'In every business — from energy to entertainment, from retail to digital services — we are integrating next-generation technologies,' he added. 'Over 1,000 of our in-house scientists are leading cutting-edge research in areas like AI, renewable energy, advanced materials, and digital platforms.' Ambani described the shift not as a challenge but as an opportunity for Reliance to evolve with the times. 'The world is changing at breakneck speed — reshaped by digital disruption, global shifts, and technological breakthroughs. At Reliance, we see this not as a challenge but as an opportunity.' He said the company is now future-proofing its manufacturing infrastructure to support India's ambition to become a global manufacturing powerhouse. 'Our manufacturing infrastructure is being future-proofed to support India's aspiration to become a global manufacturing powerhouse. This evolution mirrors the journey of our great nation.' He also tied Reliance's transformation to India's broader development agenda during what he referred to as the Amrit Kaal. 'India is shaping the future. This is India's moment. And Reliance is proud to walk shoulder-to-shoulder with the nation — as a committed partner, a responsible value-creator, and a technology-driven enabler of inclusive growth.' Despite global economic uncertainty, Reliance reported strong financials for FY25. Consolidated revenue rose to ₹10.71 lakh crore, up 7.1% year-on-year. EBITDA stood at ₹1.83 lakh crore, and net profit was ₹81,309 crore, both growing 2.9%. RIL shares were trading at Rs 1380.20 apiece on the BSE, down 0.92 per cent on Thursday. Ambani pointed to the company's diversified model and disciplined execution. 'Even amidst external volatility, Reliance delivered a year of solid and balanced growth,' he said.
