As of my knowledge cutoff date of September 2021, Adani Power Limited, a subsidiary of the Adani Group, had made several news headlines in India. Here are some updates:
In July 2021, Adani Power announced that it had acquired a 1,200 MW thermal power plant in Chhattisgarh from GMR Chhattisgarh Energy Ltd for an undisclosed amount. This acquisition was aimed at increasing Adani Power's capacity to generate electricity and strengthen its presence in the Indian power sector.
In August 2021, it was reported that Adani Power had won a bid to supply electricity to the state of Goa. The company had bid the lowest tariff of Rs 3.37 per unit to supply 300 MW of power to Goa for a period of 25 years.
In the same month, the Supreme Court of India upheld the decision of the Appellate Tribunal for Electricity to reduce the compensation payable to Adani Power and Tata Power for their power plants in Gujarat. The compensation was reduced on account of the alleged over-invoicing of imported coal used in these power plants. Adani Power had challenged this decision in the Supreme Court, but the court upheld the order of the tribunal.
Adani Power also reported its financial results for the quarter ended June 2021, which showed a net loss of Rs 682 crore. This was attributed to higher fuel costs and lower sales volumes due to the impact of the second wave of COVID-19 in India.
It is important to note that since my knowledge cutoff date of September 2021, there may have been additional updates or developments related to Adani Power.
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