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Mr Gautam Adani, Chairman, Adani Group, and Baroness Hogg, Chairperson, 3i Group Plc, at Mundra Port on Wednesday.

Virendra Pandit

Ahmedabad, Oct 25 Leading global private equity and venture company 3i India Infrastructure Fund Ltd, an investment vehicle established by 3i Group, has invested Rs 900 crore ($227 million) for a minority stake in Adani Power Ltd, a fully-owned subsidiary of Adani Enterprises Ltd part of the Adani Group, a company spokesman said here on Thursday.

Adani Power is at present developing an independent 2,640 MW imported coal-based thermal power plant at Mundra in Kutch district of Gujarat. The project, launched in June 2006, is expected to become operational by 2009 and achieve full capacity by 2010.

Power generation in India is expanding on the back of Government spending to sustain economic growth, policy reform, a focus on rural electrification and increasing power consumption.

Mr Anil Ahuja, Managing Director and Co-Head of 3i Asia, said that through this transaction, 3i has invested in a power generation asset and reaffirmed confidence in the Adani Group, whose Mundra Port was backed by 3i in 2005. "The Adani Group is a competent partner, which has demonstrated its ability to conceptualise and execute large-scale infrastructure projects.”

Mr Gautam Adani, Chairman of the Adani Group, said the company was planning to generate close to 7,500 MW of power in India by 2015. “Towards this, we have already firmed up 2,640 MW project at Mundra and commenced work for another 2,000 MW phased project at Tiroda in Maharashtra. We see 3i as a committed partner who adds value to our business.”

The 3i Group Plc Chairman, Ms Baroness Hogg visited Mundra Port where the 2,640 MW Mundra Power Project is being implemented. She recognised the rapid integrated development of the Port and Mundra’s future status as a special economic zone (SEZ). The power project at Mundra, in her view, would benefit enormously from the infrastructure support of the Port and SEZ, the spokesman said.

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