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Adani Power shares up nearly 3% on Avantha deal

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Mumbai | Published: November 24, 2014 9:14:11 PM

Shares of Adani Power today rose by nearly 3 per cent after it entered into a binding agreement with Gautam Thapar...

Shares of Adani Power today rose by nearly 3 per cent after it entered into a binding agreement with Gautam Thapar-led Avantha Group to buy out its 600 MW Korba West unit for more than Rs 4,200 crore.

Adani Power’s scrip surged 2.65 per cent to settle at Rs 46.55 on the BSE. During the day, it had jumped 3.41 per cent to Rs 46.90.
At the NSE, it rose by 2.42 per cent to end at Rs 46.55.

On the volume front, 8.48 lakh shares of the company changed hands on the BSE, while over 51 lakh shares were traded on the NSE during the day.

Striking another major deal in less than four months, Adani Power today entered into a binding agreement with Gautam Thapar-led Avantha Group to buy out its 600 MW Korba West unit for more than Rs 4,200 crore.

This is the second acquisition by Adani Group since it bought the Rs 1,200 MW coal-fired Udupi plant from the debt-laden Lanco Infra for Rs 6,000 crore in August.

Korba West Power owns a completed 600 MW coal-based power plant at Korba and an expansion phase in progress. The deal makes Adani Power the largest private sector power utility in the country with an installed capacity of 11,040 MW, Adani Group said in a statement issued from Ahmedabad.

While Adani did not reveal the deal size, Avantha Group in a statement issued from New Delhi said the deal is valued in excess of Rs 4,200 crore.

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