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Adani Power, which had struck a deal last November to buy Avantha Power and Infrastructure Ltd's 600 MW thermal power at Korba in Chhattisgarh, has entered into a binding share purchase agreement for 100 per cent acquisition of Korba West Power Company Ltd (KWPCL).
The deal is at an enterprise value of ₹4,200 crore.
The power plant is a wholly-owned subsidiary of Avantha Power and Infrastructure, which had signed a memorandum of understanding with Gautam Adani-led Adani Power last year. KWPCL, a special purpose vehicle of APIL, has a commissioned coal-based thermal power plant of 600 MW.
Crompton Greaves holds an equity investment of 23.14 per cent in APIL.
The buy ensures that installed base of Adani Power would increase to 11,040 MW, making it the largest private sector power utility in the country.
This is the second major acquisition by Adani Power. Earlier, it had bought the 1,200-MW coal-fired Udupi plant from Lanco Infra for ₹6,000 crore.
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