52.38% of the equity stake in GCEL was acquired from its consortium of lenders
The acquisition of GCEL was concluded at an enterprise valuation of approx. ₹3,530 crore
Adani Power on Friday said it has completed acquisition of GMR Chhattisgarh Energy (GCEL), which owns and operates a 1,370 MW (2 X 685 MW) power plant at Raikheda village in Raipur.
"52.38% of the equity stake in GCEL was acquired from its consortium of lenders, following the approval of Adani Power's resolution plan to acquire a controlling equity stake and restructure its debt," Adani Power Ltd (APL) said in a filing.
"The acquisition of GCEL was concluded at an enterprise valuation of approx. ₹3,530 crore," it added.
The Raikheda power plant, which utilises boiler and turbine generator equipment supplied by Doosan Heavy Industries, South Korea, is situated close to the coal bearing areas of Chhattisgarh.
This locational advantage will allow GCEL to source domestic coal with lower logistics cost, and make it more competitive while bidding for long term power purchase agreements, it said.
GCEL presently supplies power to Gujarat.
"The addition of 1,370 MW capacity, along with the recently concluded acquisition of the 600 MW Korba West Power Co Ltd, solidifies APL's position as India's largest private sector thermal power producer, with aggregate operating capacities of 12,450 MW and gives it a strong presence in India's leading power generating as well as power consuming regions," it said.