Gautam Adani plans a 5000 MW push into power sector; in talks with GMR, Lanco, Indiabulls & Avantha.

Gautam Adani plans to acquire power plants with a total capacity of 5,000 MW, but he will avoid aggressive bids to ensure good returns, a source close to the tycoon said a day after Anil Ambani-led Reliance Group outbid him to buy 1,800 MW hydro power capacity from Jaypee Group.

Gautam Adani is directly involved in evaluating offers and negotiations, something he left to company executives in the past, the source said. The company is in talks with several power sector players, including GMR, Lanco, Indiabulls, Avantha Power and Athena, the source said.

Another person in the Adani Group said there are many sellers in the market, offering projects with a combined capacity of nearly 50,000 MW.

The Adani Group was also in the race for the Jaypee's assets, which Reliance Power clinched for about Rs. 12,000 crore.

'Reliance Power offered Rs. 12,300 crore. Adani found this price too high for 1,800 MW hydro power assets,' said the source.


ET


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