Adani Enterprises sets aside Rs 126 cr for Tiroda plant delay

Adani Power Maharashtra is executing the 3,300 MW capacity thermal power project at Tiroda

Adani Enterprises has set aside about Rs 126 crore as payment to authorities on account of delay in starting commercial operations of its Tiroda thermal power plant in Maharashtra.

Adani Power Maharashtra, a subsidiary of the company, is executing the 3,300 MW capacity thermal power project at Tiroda in Maharashtra.

The third 660 MW unit of the project was commissioned in June last year. The company intends to sell power from this plant under the long term PPAs (power purchase agreements) as well as in the open market. Entire 3,300 MW capacity was earlier expected to be commissioned by the end of financial year 2013-14.

As per a regulatory filing by the company it has set aside liquidated damages amounting to "Rs 126.39 crore payable on account of delay in commercial operations date at Tiroda plant".

Adani Power, another group company has 8,620 MW capacity and plans to take it to 9,280 MW.

It is developing six power projects across Gujarat, Maharashtra, Rajasthan and Madhya Pradesh.

Adani Enterprises reported profit after tax of Rs 557 crore for the first quarter ended June 30, 2014-15 on the back of 43 per cent jump in revenue.

The company had posted a loss of Rs 278 crore in the corresponding quarter of the previous financial year.

Consolidated total income for the period increased by 43 per cent to Rs 16,524 crore as compared to Rs 11,547 crore in the April-June period of last fiscal.