‘Shocking details soon’: Congress on Adani winning 6,600 MW power bid in Maharashtra ahead of elections

Adani Power's bid for bundled renewable and thermal energy supply was almost a rupee lower than the cost at which Maharashtra currently procures electricity.

Senior Congress leader Jairam Ramesh on Sunday lashed out at the Maharashtra government for awarding a power contract to the Adani Group, calling it ‘yet another Modani enterprise’ – an apparent jibe at Prime Minister Narendra Modi's perceived proximity to the billionaire industrialist.

Adani Power, India's largest private-sector thermal power generator, has a generation capacity in excess of 17 GW, which is rising to 31 GW by 2030.(Bloomberg)

Ramesh accused the state’s ruling alliance, Mahayuti, of pushing through the deal just before a “landslide defeat” in the Maharashtra assembly elections due later this year. He also claimed that “shocking details of this rigged deal will soon start tumbling out”.

"Even as the Mahayuti Government in Maharashtra totters towards a landslide defeat, this is what they choose to do with their last few days in power. Yet another Modani enterprise undoubtedly! Shocking details of this rigged deal will soon start tumbling out," the Congress leader posted on X.

All about Adani's power bid

Adani Power won the bid to supply a mix of renewable and thermal power to Maharashtra’s state electricity distributor at a rate of ₹4.08 per unit. This bid, which is nearly ₹1 lower than the current procurement cost of electricity in Maharashtra, beat rival offers from companies like JSW Energy and Torrent Power, reported PTI quoting sources familiar with the process.

The contract will involve supplying 5,000 MW of solar energy from Adani Green Energy's Khavda Renewable Energy Park in Gujarat and 1,496 MW of thermal power from a new ultra-supercritical plant being developed by Adani Power. The power supply is set to begin within four years, after the final award of the letter of intent.

The Adani Group has faced intense scrutiny since the release of a critical report by U.S.-based short-seller Hindenburg Research in January 2023. The report accused the conglomerate of stock manipulation, accounting fraud, and governance issues, leading to a sharp decline in Adani's share prices and wiping out billions in market value. While the share prices have largely recovered, the Securities and Exchange Board of India (Sebi) has yet to publish the final report on its findings.