Adani, Torrent Power Bag $3.7 Billion Coal-Based Deals in India
The deals highlight India’s increasing dependence on coal — even as Narendra Modi encourages more investments in clean energy.
. Photographer: Dhiraj Singh/Bloomberg
Adani Group’s power unit and Torrent Power Ltd. secured separate contracts worth a combined 325 billion rupees ($3.7 billion) from the central Indian state of Madhya Pradesh to build coal-fired power plants, underscoring the country’s growing reliance on the fossil fuel to meet its energy needs.
MP Power Management Company Ltd. awarded Torrent Power a 220 billion-rupee contract for a 1,600 megawatt ultra-supercritical plant, according to a stock exchange filing on Saturday. Meanwhile, Adani Power Ltd. won a 105 billion-rupee contract to construct an 800MW coal-based power plant in the state.