Billionaire Gautam Adani plans to invest $2 billion (Rs 12,000 crore) to build a 2,500-megawatt power plant in Odisha, which would raise the group’s capacity by a quarter and boost electricity supply in the country.
The move comes less than two weeks after the company acquired Hyderabad based-Lanco Infratech’s Udupi powerplant for $327 million (Rs 1,980 crore).
Adani Group, which is the largest private power producer in India, expects to sign a pact with the Odisha government in next four months to set up the new plant, said Rajesh Jha, chief operating officer (mining), Odisha, Adani Group.
“The conglomerate plans to generate 1,000 MW of electricity by 2017 in Odisha, ramping up to full capacity by 2019,” Jha said, adding that the company has already identified three-four sites in Angul and Dhenkanal districts.
Jha added that the company would need about 1,500 acres of land and is already exploring the possibilities of water and rail connectivity at the identified sites.
The plant will source coal from two blocks it is developing in Odisha with a total capacity of 70 million tonnes per year.
“We expect to start coal mining in two years,” Jha said, adding that the power plant would require 25 million tonnes of coal per year at full capacity. The company, at present, imports about 100 million tonnes of coal per year, mainly from Indonesia, to feed the plants. This amount could double by 2020, according to Jha.
The group currently has 9,240 MW of power capacity at its plants in Gujarat, Maharashtra and Rajasthan states.