July 05, 2008

Adani plans INR 5,000 crore power IPO

It is reported that Adani group has begun the spadework to come up with a mega initial public offering aiming to raise about INR 5,000 crore for setting up a power generation capacity of close to 10,000 MW in next 5 years.

As per report, it is chalking out investments plans for generating 1,320 MW power in Rajasthan and 2,000 MW at Dahej in Gujarat by 2012.

A senior official said that Adani will file the IPO papers with the market regulator Securities & Exchange Board of India in a week or two's time. SBI Capital has been roped in as one of the merchant bankers.

Adani's 4,620 MW power project at Mundra is being set up in the vicinity of TATA Power's ultra mega power project of 4000 MW. It is already implementing the project through internal fund generation, debt and private placement of equity with London based 3i Group Plc.

Adani also owns and operates India's one of the largest and highly mechanized state of art ports at Mundra in Gujarat, which is likely to handle close to 30 million tonnes of cargo during 2007-08.