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Adani Power Kutch project funding by March 2012

Adani Power Kutch project funding by March 2012
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First Published: Tue, Mar 01 2011. 05 57 PM IST
Updated: Tue, Mar 01 2011. 05 57 PM IST
Mumbai: Adani Power Ltd expects to tie up funds for its 3,300 MW power plant in Gujarat by March 2012, while it is on track to complete installation of 10,000 MW projects by March 2013, a top official said on Tuesday.
“I think we will complete it (debt funding for 3,300 MW projects) in this calendar year; if not, may be by March 2012, it will not go beyond that,” its chief financial officer Prabal Banerji told Reuters in an interview.
The 3,300-MW project at Bhadreshwar, in Kutch district, would cost Rs165 billion, of which about 75% would be funded through debt and rest through equity.
The Ahmedabad-based company, which had tied up debt for its 13,200 MW projects, would complete installation of 10,000 MW by March 2013.
At a “conservative estimate” Adani Power would have a total of 16,500 MW operational by 2016, Banerji said. The expansion would also result in addition of 800-900 personnel, adding to its 1,000 strong work force.
The utility firm is not looking at raising funds through equity dilutions, he added.
Coal shortage
While many utility companies in the country are likely to face a shortfall in coal supply, Adani Power is banking on its Indonesian and Australian coal mines to meet its needs.
Its parent, Adani Enterprises , which had acquired coal mines in Indonesia and Australia, accounts for over 70% of India’s thermal coal imports.
Banerji said India’s coal imports will rise to about 85 million metric tonnes this year due to a production shortfall.
Merchant power tariffs - tariffs for power sold in open market - which now stand at Rs3.0-4.5 per unit, would firm up to Rs5.5 and above by this summer, he added.
Shares of the company ended 1.85% lower at Rs116.70, in a strong Mumbai market that was up 3.5%.
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First Published: Tue, Mar 01 2011. 05 57 PM IST