Adani Power
An Indian power-generation company of the Adani Group, centered on large-scale thermal electricity generation and power sales, with a smaller solar operation.
Last updated August 31, 2026
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Overview
Adani Power Limited is an Indian electricity-generation company and a listed subsidiary of the Adani Group. Its principal activity is the development, ownership and operation of large power stations, historically dominated by coal-fired thermal generation, together with the sale of electricity under long-term power-purchase agreements and other commercial arrangements. The company began in 1996 as a power-trading business and subsequently became one of India’s largest private-sector power producers through the construction, acquisition and integration of large generating assets. The company’s development was closely connected to India’s accelerating demand for electricity, industrial expansion and the growth of private participation in infrastructure. Its most important early project was the Mundra Thermal Power Station in Gujarat. Units at Mundra were commissioned between 2009 and 2012, including supercritical units, and established a very large generating complex at a single location. Adani Power later expanded through projects including Kawai in Rajasthan and Tiroda in Maharashtra, as well as acquisitions such as the Udupi power plant in Karnataka and the Raikheda plant in Chhattisgarh. Adani Power’s business model combines project development, plant operations, fuel and logistics management, electricity procurement and power sales. Its customers and counterparties include state utilities, distribution companies and other electricity purchasers. The company has entered into long-term supply arrangements connected with several Indian states, while its Godda project in Jharkhand was developed to supply electricity to Bangladesh under an agreement involving the Bangladesh Power Development Board. Its operating footprint is therefore primarily Indian, but the business has also participated in cross-border electricity supply. Coal-fired generation remains central to the brand’s identity and operating base. This provides exposure to demand for dispatchable and base-load electricity, but also creates sensitivity to coal availability, imported-fuel costs, rail and port logistics, power tariffs, environmental approvals, emissions policy, financing conditions and changes in electricity-market regulation. Adani Power has also operated a solar project in Kutch, Gujarat, reflecting a limited diversification into renewable generation, although the company is principally associated with thermal power rather than a consumer-facing renewable-energy brand. The company became publicly listed in India in 2009. Its expansion has included acquisitions, insolvency-resolution processes and new-build projects, including the acquisition of Lanco Amarkantak in 2024 and orders for additional thermal capacity in Madhya Pradesh, Chhattisgarh and Uttar Pradesh. Reported capacity and project totals vary according to the reporting date, ownership interests, commissioned status and treatment of projects under construction; figures should therefore be interpreted against the relevant company disclosure. Adani Power is also part of the broader public debate surrounding the Adani Group, including allegations made by Hindenburg Research in 2023 concerning market manipulation and accounting practices. The company and the wider group rejected those allegations.
History
Adani Power was established in 1996 and initially operated as a power-trading company. It later became the Adani Group’s principal platform for utility-scale electricity generation. The company’s early expansion reflected India’s growing need for reliable electricity and the increasing role of private developers in the power sector. The first major stage of its generation build-out took place at Mundra in Gujarat. Generation began in July 2009 with the commissioning of the first 330 MW unit of what became a 4,620 MW coal-based complex. Three further 330 MW units were commissioned by November 2010. On 22 December 2010, the site commissioned India’s first 660 MW supercritical unit, increasing total capacity to 1,980 MW. A second 660 MW unit was synchronised in June 2011, followed by a third in October 2011. The final unit of the Mundra project was commissioned in February 2012, taking the complex to 4,620 MW and making it one of the world’s largest single-location thermal power projects. Adani Power diversified its generation footprint through projects in several Indian states. The Kawai Thermal Power Station in Rajasthan comprises two 660 MW coal-fired units. The Tiroda Thermal Power Station in Maharashtra comprises five 660 MW units and became one of the state’s largest coal-fired power stations. The company also developed a 40 MW solar project at Bitta in Kutch, Gujarat, commissioning it in the early 2010s and marking an initial move into renewable generation. The company expanded through acquisitions as well as construction. In 2014 it acquired Lanco Infratech’s Udupi Power Corporation, which operated a 1,200 MW coal-fired plant in Karnataka. In 2019 it completed the acquisition of GMR Chhattisgarh Energy, whose Raikheda plant operated in Chhattisgarh. It also pursued the takeover of the Avantha Korba West power asset through an insolvency-resolution process. These transactions broadened Adani Power’s portfolio and reinforced its position among India’s largest private thermal generators. Adani Power was listed on Indian stock exchanges in 2009. Its commercial operations have been supported by long-term power-purchase agreements with public-sector utilities and distribution entities in states including Gujarat, Maharashtra, Haryana, Rajasthan, Karnataka and Punjab. The Godda project in Jharkhand added a cross-border dimension: Adani Power’s subsidiary entered into a long-term arrangement to supply electricity to Bangladesh through the Bangladesh Power Development Board. The company has continued to pursue additional thermal capacity. Projects and orders have included the 1,600 MW Godda development, two 800 MW units associated with Mahan Energen in Madhya Pradesh, and further 800 MW units planned or ordered for locations in Chhattisgarh and Uttar Pradesh. In 2024, the company also acquired Lanco Amarkantak. Its growth has made it a significant participant in Indian electricity supply, while its coal-heavy portfolio has exposed it to fuel, logistics, environmental, tariff and regulatory risks. Adani Power has received industry and sustainability-related recognition, including an IPPAI award in 2017, recognition for sustainability reporting in the same year, and an environmental-management recognition in 2018. The company has also faced reputational and market scrutiny as part of the wider controversy surrounding the Adani Group. In January 2023, Hindenburg Research alleged market manipulation and accounting misconduct across group companies. Adani rejected the allegations. The company remains primarily a utility-scale generation and electricity-sales business rather than a consumer retail brand.
- 2024
Lanco Amarkantak acquired
[1]Adani Power acquired Lanco Amarkantak, continuing its expansion through thermal-generation assets.
- 2023
Mahan Energen expansion order
[1]An order was awarded for two 800 MW thermal units for subsidiary Mahan Energen in Madhya Pradesh.
- 2019
Raikheda acquisition completed
[1]The company completed its acquisition of GMR Chhattisgarh Energy, adding the Raikheda thermal power plant.
- 2017
National operating-record reported
[1]One of the company’s generating units was reported to have operated continuously for 600 days.
- 2015
Udupi Power acquisition completed
[1]Adani Power completed the acquisition of Udupi Power Corporation, adding a 1,200 MW coal-fired plant in Karnataka.
- 2014
Tiroda expansion makes Adani Power India’s largest private generator
[1]The company commissioned additional capacity at Tiroda in Maharashtra and reported overall installed capacity of 9,280 MW.
- 2013
Solar generation added in Kutch
[1]Adani Power commissioned a 40 MW solar project at Bitta in Gujarat’s Kutch region.
- 2012
Mundra reaches 4,620 MW
[1]The final unit of the Mundra project was commissioned, creating one of the largest single-location coal-fired power complexes.
- 2011
Mundra supercritical expansion continues
[1]The second and third 660 MW supercritical units at Mundra were synchronised with the grid.
- 2010
First 660 MW supercritical unit commissioned
[1]Mundra commissioned a 660 MW supercritical unit, taking the company’s generating capacity to 1,980 MW.
Products and positioning
A large Indian private-sector power generator focused on utility-scale thermal generation, long-term electricity supply and integrated energy infrastructure.
Electricity generation
Coal-fired thermal power generation
Adani Power’s principal operating line is utility-scale coal-fired electricity generation. Its plants use large generating units to supply dispatchable and base-load power to state utilities, distribution companies and other purchasers. The business depends on plant availability, fuel sourcing, transport infrastructure, power-purchase contracts and applicable electricity tariffs.
Renewable electricity generation · 2013
Solar power generation
The company operates a solar-generation asset at Bitta in Gujarat’s Kutch region. Solar is a smaller part of the documented Adani Power portfolio than thermal generation, but it represents an early renewable-energy activity within the company’s broader electricity-generation business.
Energy infrastructure · 1996
Power-project development and operations
This offering covers the development, construction, commissioning and operation of generating stations, along with fuel and logistics coordination, transmission interfaces and commercial management. It is an infrastructure capability rather than a consumer product and supports the company’s electricity-sales business.
Electricity sales
Long-term electricity supply
Adani Power sells generated electricity through long-term power-purchase agreements and related arrangements with public utilities, distribution companies and other buyers. Its contracted supply has included counterparties connected with multiple Indian states and a cross-border arrangement for Bangladesh.
Controversies
2023
Hindenburg Research allegations
Hindenburg Research published a report alleging market manipulation and accounting malpractice involving the Adani Group and its listed companies, including Adani Power. The allegations triggered substantial market and reputational scrutiny. Adani rejected the claims as unfounded and ill-intentioned.
Brand decisions
2024
Acquire Lanco AmarkantakM&ABackground
Adani Power continued to use acquisitions to expand its thermal-generation portfolio.
Action taken
The company acquired Lanco Amarkantak.
Aftermath
The acquisition added to Adani Power’s position in India’s thermal-power sector.
2023
Order additional Mahan Energen capacityGeneration changeBackground
The company continued adding large thermal units to address expected electricity demand and expand its generation platform.
Action taken
Adani Power awarded an order for two 800 MW thermal units for Mahan Energen in Madhya Pradesh.
Aftermath
The order extended the company’s planned thermal-generation pipeline.
2019
Acquire GMR Chhattisgarh EnergyM&ABackground
Adani Power pursued additional operating assets through acquisition as part of its thermal-generation expansion.
Action taken
The company completed the acquisition of GMR Chhattisgarh Energy, which owned and operated the Raikheda plant.
Aftermath
The acquisition expanded the company’s generation footprint in central India.
2015
Acquire Udupi Power CorporationM&ABackground
Acquisition was used to expand Adani Power’s operating generation portfolio beyond its projects in western India.
Action taken
The company completed the acquisition of Udupi Power Corporation and its 1,200 MW plant in Karnataka.
Aftermath
The transaction increased the company’s commissioned capacity and strengthened its position among India’s private power producers.
2013
Enter solar generationStrategyBackground
The company had historically concentrated on coal-fired generation but sought to establish an initial presence in renewable electricity.
Action taken
Adani Power commissioned a 40 MW solar project at Bitta in Kutch, Gujarat.
Aftermath
The project broadened the company’s generation portfolio, although thermal power remained its dominant business.
Recent events
- 2024
Adani Power completes acquisition of Lanco Amarkantak[1]
M&A
Adani Power acquired Lanco Amarkantak as part of its expansion of thermal-generation assets.
- 2024
Adani Power awards orders for new thermal plants in Chhattisgarh and Uttar Pradesh[1]
Product generation
The company awarded orders for two 800 MW units at a project in Raipur, Chhattisgarh, and two 800 MW units at a project in Mirzapur, Uttar Pradesh.
- 2023
Adani Power places orders for additional 800 MW thermal units[1]
Product generation
The company awarded an order for two 800 MW thermal units for its subsidiary Mahan Energen in Madhya Pradesh.
Sources7 sources
- 1Adani Poweren.wikipedia.org
- 2Adani Power official websiteadanipower.com
- 3Adani Power investor informationadanipower.com
- 4Adani Power company informationadanipower.com
- 5Adani Power appoints Anil Sardana as Managing Director, Additional Directoreconomictimes.indiatimes.com
- 6Adani Power appoints Shersingh Khyalia as CEO with immediate effect - BusinessTodaybusinesstoday.in
- 7Adani Power board appoints Shersingh B Khyalia as CEOfreepressjournal.in
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