'Time for consolidation in Indian power sector'

 A day after sealing Rs 6,000-crore deal to acquire 1,200-MW Udupi power plant from Lanco Infratech, Adani Group Chairman Gautam Adani on Thursday said it is time now for consolidation in the Indian power sector.

“Now is the time for consolidation in the Indian power sector. Acquisition of the Udupi thermal project, marks our entry into southern India and we are bullish of expanding our presence further in the country," Adani Group Chairman Gautam Adani said. The acquisition of Udupi plant is a "strategic fit to the integrated infrastructure business model of the Adani Group," the statement said. 

Already a pact has been inked with Karnataka government for expanding the plant's generation capacity to 1,320 MW. Adani Power has executed "a definitive agreement" for acquiring 100 per cent shares of Udupi Power Corporation Ltd from Lanco Infratech. Udupi Power Corp is implementing the 1,200 MW plant. The company is confident of having 20,000 MW power generation capacity by 2020. At present, the company has a capacity of 8,580 MW.

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