Adani Power Ltd is engaged in power generation and setting up of power projects. The company is a part of the Adani Group, a power project development company, which is developing, and will operate and maintain, power projects in India. The company is carrying on the business of generation, accumulation, distribution and supply of power and to generally deal in electricity and to explore, develop, generate, accumulate, supply and distribute or to deal in other forms of energy from any source whatsoever.
Adani Power Ltd was incorporated on August 22, 1996 and received a certificate of commencement of business on September 4, 1996. The Company was originally incorporated by Mr. Gautam S. Adani and Mr. Rajesh S. Adani, together with their relatives. The company became a private limited company on June 3, 2002 and the name of the company was subsequently changed to Adani Power Pvt Ltd.
In the year 2004, pursuant to internal restructuring amongst the Promoters, the entire shareholding of the company was transferred to Mundra Port and Special Economic Zone Ltd (MPSEZL). Subsequently, on May 29, 2006, MPSEZL transferred its entire shareholding in the company to Adani Enterprises Ltd.
In December 19, 2006, the Government of India (GOI) granted approval to the company's proposal for development, operation and maintenance of the sector specific Special Economic Zone (SEZ) for power over an area of 293-88-10 hectares of the company's land at Village: Tunda & Siracha, Taluka Mundra, Gujarat. In February 2, 2007, the company entered into an agreement (PPA) with Gujarat Urja Vikas Nigam Ltd (GUVNL) for supply of power on long term basis. In April 12, 2007, the company was, thereafter, converted into a public limited company and the name of the company was changed to Adani Power Ltd.
During the financial year 2009-10, the company entered the Capital Market with initial public offer (IPO) of 30,16,52,031 equity shares of Rs 10 each at a premium of Rs 90 per share. In August 20, 2009, the company's shares were listed on the Bombay Stock Exchange Ltd (BSE) and National Stock Exchange of India Ltd (NSE). The company's power generating units (Unit 1 and Unit 2 each of 330 MW) of their phase I commenced commercial operations effective from October 1, 2009 and March 17, 2010 respectively During the year, the company incorporated Adani Pench Power Ltd (earlier known as Adani Power MP Ltd) as a wholly owned subsidiary company. The company acquired Kutchh Power Generation Ltd and Adani Shipping PTE Ltd, Singapore by purchase of all shares of respective companies at face value. Subsequently Adani Shipping PTE Ltd, Singapore incorporated Rahi Shipping PTE Ltd, Singapore and Vanshi Shipping PTE Ltd, Singapore as their wholly owned subsidiary companies.
During the year 2010-11, the company's Power Generating Units of 1320 MW (Previous Year - 660 MW) commenced commercial operations resulting into total power generating capacity to 1980 MW. As of March 31, 2011, the company together with their subsidiaries has nine power projects with a combined installed capacity of 16,500 megawatts, out of which 1,980 megawatts has been commissioned, 7260 megawatts is under implementation and 7260 megawatts is at the planning stage.
During the year 2011-12, the company set up two subsidiaries, namely Aanya Maritime Inc, Panama and Aashna Maritime Inc, Panama. The company alongwith their subsidiaries is implementing various transmission line projects of about 3,000 km length. The company intends to sell the power generated from these projects under a combination of long-term PPAs and on merchant basis.
In February 2012, the company has approved to consolidate the transmission line business of the company in a new entity in order to integrate transmission line projects spread across various entities of Adani Group under one umbrella.