BS Reporter / Mumbai/ Ahmedabad Jul 20, 2009, 00:10 IST
Company faces land acquisition problems for Tiroda
Adani Power has said it may not develop its planned projects at Dahej and Kawai and that the company faces certain land acquisition problems in its 1,320-Mw project at Tiroda in Gujarat.
In the draft herring prospectus filed with the Securities and Exchange Board of India (Sebi), the company said the Dahej Power Project was expected to have an aggregate capacity of 1,980 Mw and was proposed to be developed by its wholly-owned subsidiary, APDL. The Kawai project was expected to have a capacity of 1,320 Mw and was proposed to be developed by its other subsidiary, APRL. “Although, we currently intend to develop these projects, we may not develop these as planned or at all. In addition, there is no assurance that if pursued, these projects will be implemented in a timely and cost-effective manner and will improve our results of operations,” the company said.
Adani Power proposes to raise Rs 2,200 crore through an initial pubic offer by offloading 337 million equity shares. After listing, promoter Adani Enterprises will hold 73.5 per cent in the power firm. The company is currently implementing two thermal power plants in Gujarat, one in Mundra and another in Tiroda, totalling 6,600 Mw capacity.
“We may not be able to acquire sufficient land area for our Tiroda project which may affect the viability of such project,” the company said.
Adani Power’s IPO is slated to open on July 28 and the company is expected to be listed by the month-end.
The firm is in the process of identifying and acquiring land for developing the Tiroda power project. “We cannot assure you (Sebi) that we will be able to identify adequate land or that land acquisition will be complete in a timely manner, on terms that are commercially acceptable to us,” the prospectus said. It added that “if” it is unable to get sufficient land for its Tiroda project, the viability and efficiency of the project may be affected.
The overall debt requirement for the two projects is Rs 22,000 crore, which has been arranged from the State Bank of India, ICICI Bank, Power Finance Corporation (PFC) and Rural Electrification Corporation (REC). While SBI is lending Rs 16,000 crore, ICICI Bank is arranging Rs 1,200 crore and PFC and REC Rs 2,600 crore and Rs 1,500 crore respectively.
Adani Power has signed power purchase agreements with Haryana, Maharashtra and Gujarat governments for selling power from the two projects. The equipment for the two plants would be sourced from three Chinese companies —Shanghai Electric, Dong Fang, and Harbin. The company also proposes to set up a 1,320 Mw plant in Rajasthan and another 1,980 Mw project at Dahej in Gujarat.
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