Mumbai: Adani Power Ltd plans to raise at least Rs3,000 crore through an initial public offering expected in the next 10 days.
Billionaire Gautam Adanisaid his company has already acquired land for its upcoming projects in Gujarat and Rajasthan. The firm has already sought environmental clearances for the projects.
Tapping the market: Billionaire Gautam Adani says he is also looking at establishing a separate mining business in India. Abhijit Bhatlekar / Bloomberg
The utility aims to add 9,900MW of installed capacity by 2013. Currently, it has 330MW operational and nearly 6,600MW in various stages of construction to be completed by 2012. The remaining will be commissioned a year later, Adani said.
He said the projects will be executed on time. The firm has acquired a coal mine in Indonesia and is looking to buy more mines there and in Africa.
Adani said he is also looking at establishing a separate mining business in India. To fund this, Adani is planning to raise $300 million by selling shares to institutional buyers.
Adani Power has signed power purchase agreements for nearly 4,600MW under construction. The company is also looking to bring on board anchor investors and is in talks with potential investors such as private equity firm T Rowe Price.