Good news for Gautam Adani as Adani Power wins major deal, set to supply..., to invest Rs 17084 crore at...
Gautam Adani is a central figure in India's corporate world, spearheading the Adani Group, a conglomerate with diverse holdings in sectors such as infrastructure, energy, logistics, and more. According to Forbes' 2025 World's Billionaires List, Gautam Adani holds the 28th position, with a net worth of $56.3 billion.
Earlier on Saturday, Adani Power said that it won a tightly contested bid to supply 1500 MW (net) of thermal power to Uttar Pradesh. As part of the contract, the Adani Group company will supply power at a highly competitive tariff of Rs 5.383 per unit from a greenfield 2×800 MW (1500 MW net) Ultra-supercritical power plant to be set up in the state under the Design, Build, Finance, Own, and Operate (DBFOO) model.
This is further to the Uttar Pradesh cabinet approving the project earlier this month. The Company will now sign a long-term Power Supply Agreement (PSA) with Uttar Pradesh Power Corporation Ltd. (UPPCL) under the Letter of Award (LoA) received today, reads the statement on the official website of Adani Group.
'We are happy to have won the competitive bid to supply 1,500 MW power to UP state and feel privileged to play a leading role in meeting the state's rapidly growing power demand. We plan to set up a modern and low emission Ultra-supercritical plant in UP and aim to begin supplying reliable and high-quality power by FY30,' S.B. Khyalia, Chief Executive Officer, Adani Power was quoted as saying by the Adani Group.
Khyalia said Adani Power would invest USD 2 billion in setting up the plant and related infrastructure. The project is expected to generate direct and indirect employment of 8,000-9,000 during the construction phase and 2,000 once in operation. Thermal power demand in UP is seen rising by 11,000 MW by 2033-34 owing to factors like industrialisation, urbanisation, and modernisation.
This is second major PSA bid the company has won in the last one year, after receiving the composite 6,600 MW (1600 MW thermal and 5000 MW solar) LoI from Maharashtra State Electricity Distribution Company Ltd. (MSEDCL) in Sep 2024, which subsequently has been converted into a PSA.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
9 minutes ago
- Indian Express
Rs 90,000/sq yard — Gurgaon's most expensive locality unveiled
Gurgaon's South City 1 is now the most expensive locality in Haryana with the introduction of revised collector rates in the state beginning Friday. For a square yard in the locality, residents will now have to shell out Rs 90,000 (Rs 1.07 lakh per square metre), up from the earlier Rs 82,000. This is the second hike in collector rates in the state in eight months. The rates were last revised with effect from December 1, 2024. The hike in collector rates ranges from 10% to 50% in both urban and rural areas. While dealers claim that the increase in circle rates may stall the real estate market in the state, a revenue official said that the new collector rates are the result of a well-thought-out process, leaving little room for changes. Apart from South City 1 in Gurgaon, Nirvana Country has also seen a substantial increase. From the earlier Rs 70,000 per square yard, collector rates have now gone up by Rs 10,000 per square yard. The Millennium City's Sector 42, which includes luxury developments such as DLF Camellias and properties along Golf Course Road, now has a collector rate of Rs 79,970 per square yard, up from Rs 72,700 per square yard. In DLF Phase II, the circle rate is now Rs 72,000 per square yard, and in DLF Phase III, one has to pay Rs 66,000 per square yard. Developments near the Southern Peripheral Road and Dwarka Expressway, which continue to see expanding infrastructure, seem to still be in an affordable ambit. With a per square yard collector rate of Rs 2,830, Sector 95A remains the least expensive in Gurgaon. Licensed colonies in Sectors 68 to 71 are close behind, with an increased circle rate of Rs 4,800 per square yard. For Sectors 76 to 80, the rate has been set at Rs 5,000 per square yard. It is followed closely by licensed plots in Sectors 91 and 92, where the rate has been marked at Rs 5,600 per square yard. Sectors 81 to 84 now have a circle rate of Rs 6,000 per square yard. In Panchkula, Mansa Devi Complex's Sectors 4, 5, and 6 are the most expensive residential areas, with circle rates now touching Rs 99,000 per square metre, up from the earlier Rs 66,000.
Time of India
22 minutes ago
- Time of India
Saraswat Bank completes New India Bank merger; account access begins Monday
Mumbai: Saraswat Co-operative Bank, the largest urban cooperative lender, has received RBI approval to merge New India Co-operative Bank with itself. The merger will take effect from Aug 4, 2025, and all branches of NICB will operate as branches of Saraswat bank from that day. Tired of too many ads? go ad free now Following the merger, Saraswat Bank will assume all assets and liabilities of New India Bank. "Customers, including depositors of NICBL, will be treated as customers of Saraswat Bank with effect from 4th August, 2025, and their interests will be fully protected," Saraswat Bank said. The move follows approvals by shareholders of both banks. Saraswat Bank passed the scheme at its special general meeting held on Jul 22, while NICB members cleared it in their annual general meeting. The proposal was then sent to RBI, which sanctioned the amalgamation under Section 44A (4) of the Banking Regulation Act, 1949. "RBI has sanctioned the Scheme of Amalgamation of NICB with Saraswat Co-operative Bank. The Scheme will come into force with effect from August 04, 2025 (Monday). All the branches of New India Co-operative Bank Ltd, Mumbai will function as branches of Saraswat Co-operative Bank with effect from August 04, 2025," RBI said. NICB was placed under RBI moratorium on Feb 13, 2025, following losses, poor governance, and a Rs 122 crore embezzlement by senior officials. A police complaint and arrests followed. RBI's surprise inspection found serious compliance failures. All withdrawals were frozen, lending and deposit-taking were banned, and the board was replaced by an administrator. RBI said the action was necessary to protect depositors and stabilise the bank while exploring revival or merger options. Tired of too many ads? go ad free now Saraswat Bank is nearly 25 times larger than the erstwhile NICB. Saraswat reported a total business volume of Rs 91,814 crore, with deposits of Rs 55,481 crore and advances of Rs 36,333 crore. NICB had a total business of Rs 3,560 crore, including deposits of around Rs 2,250-2,398 crore and advances of about Rs 1,100–1,162 crore. Saraswat Bank chairman Gautam Thakur had said that with a capital adequacy of over 17%, Saraswat was well placed to absorb NICB.
Time of India
22 minutes ago
- Time of India
Talk to farmers and acquire airport land fast: Noida DM to officials
Noida: District magistrate Medha Roopam reviewed land acquisition for phases 3 and 4 of the airport project in Jewar and instructed officials to address concerns of resistant farmers. Of the 1,857 hectares needed across 14 villages, participation in household surveys for drawing up a draft rehabilitation plan has been notably low in some villages — just 1% in Neemka Shahjahanpur, 20% in Khwajpur, and 50% in Thora. A section of farmers in these villages expressed concern over permanent livelihood loss and are demanding better compensation terms and water security. Roopam asked officials to engage with those who avoided the census and complete acquisition within the schedule. You Can Also Check: Noida AQI | Weather in Noida | Bank Holidays in Noida | Public Holidays in Noida "The DM has directed officials to stick to the timeline for acquiring land and resolve through negotiations the issues raised by farmers. Officials have been asked to ensure transparency at each stage of the acquisition process," additional DM (land acquisition) Bachhu Singh told TOI. Officials said that despite several rounds of dialogue, some groups continued to spread misinformation to delay the land acquisition process. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like My family & I lost S$500,000 to a scam. Taking responsibility for it was hard, but it helped me grow CNA Read More Undo "Most of the families that sat out during the survey are demanding better compensation and assurances related to water availability. We are in continuous dialogue with them," Singh said. The draft rehabilitation plan, released by the district administration on July 23, said more than 17,000 families were likely to be affected directly or indirectly by the land acquisition for the airport's third and fourth phases. Most affected families are small-scale farmers or agricultural labourers, with 58% of them earning between Rs 50,000 and Rs 1 lakh annually. UP is offering Rs 4,300 per square metre in compensation for land acquired for the project in phases 3 and 4. It has also earmarked 340 hectares in villages Alavalpur, Mangaroli, Ahmedpur Chawroli and Neemka Shahjahanpur, off the Yamuna Expressway, for rehabilitating the families. Plots ranging from 50 to 500sqm are to be allocated to the villagers based on family size. The plan also specifies roads, drinking water, sewage systems, power connections, community halls, anganwadis, fair price shops, cremation grounds, and areas for cattle as part of the new settlement. For the 17,945 affected families in total, the package is likely to include a monthly subsistence allowance of Rs 3,000 for a year, Rs 50,000 as transport compensation, and an additional Rs 50,000 for SC/ST families.
