Adani Group plans to invest $2 bn in Odisha power plant

Gautam Adani plans to invest $2 billion to build a 2,500 megawatt power plant in Odisha.

The Gujarat-based Adani Group expects to ink a deal with theOdisha government in the next three-four months to set up a coal-based power plant in the state, a senior company official said Monday.

The conglomerate, which is in resources, logistics, agriculture and energy business, aims to invest Rs.12,500 crore ($2 billion) in the Odisha project and has already identified three-four sites in Angul and Dhenkanal districts, its chief operating officer (mining) for Odisha Rajesh Jha told IANS.

Jha said the company wants about 1,500 acres of land and is already exploring the possibilities of water and rail connectivity at the identified sites.

It is likely to finalise one of the sites soon, he said.

The power plant, to be built in phases, will source raw materials from the Machakata and Chendipada coal blocks it is developing in Angul district.

Jha said the company expects to generate 1,000 MW by 2017 and increase the capacity gradually to 2,500 MW by 2019.

The Adani Group is controlled by flagship Adani Entreprises.

Earlier this month, Adani Group acquired a 1,200 MW thermal power plant in Karnataka from Lanco Infratech for about Rs.6,000 crore.