Tag: Chairman

Business World

MAN Industries (India) Limited, issues up to 30,00,000 warrants convertible equity shares at Rs. 65/- each to the promoters

Sep 7, 2020 by Gouri Achary 0 Comments #Chairman, #Dr. R. C. Mansukhani, #Man Industries (India) Limited, #promoters, #warrants convertible equity shares

Mumbai, September 07, 2020: MAN Industries (India) Limited, one of the leading Large Diameter Pipe manufacturing companies has approved to issue in aggregate and up to 30,00,000 warrants convertible equity shares on a preferential basis to M/s Man Finance Private Limited (Promoter group entity). The approved shares issue is more than 5% of the company’s equity share capital. This is in compliance with provisions of SEBI ICDR Regulations, 2019 and other applicable laws, subject to the approval of the shareholders in the ensuing Annual General Meeting scheduled on 30th September 2020.

The warrants will be issued at Rs. 65/- each, which is higher than the minimum prices, arrived at as per SEBIICDR Regulations, 2018 and also more than the present market price.

Commenting on the announcement, Dr. R.C. Mansukhani, Chairman said “This will turn out to be an excellent investment avenue for us with an outcome for promising returns. Despite the current crisis, we are witnessing good response from domestic as well as international market on the back of revival of demand from key geographies and domestic sector. The company continues to have a robust book of outstanding bids for more than Rs. 1,80,000 Mn at various stages of evaluation for several Oil, Gas and Water projects in India and abroad. The company, therefore, expects good order inflow in the near future.”  

He added, “This provides us with a great opportunity to show confidence in our business and in the future outlook of the company.”

Business World

MAN Industries (India) Ltd receives Rs. 405 crores worth of new export order

Aug 19, 2020 by Gouri Achary 0 Comments #Chairman, #Dr. R. C. Mansukhani, #Man Industries (India) Limited

Mumbai, August 19, 2020: MAN Industries (India) Limited, one of the leading Large Diameter Pipe manufacturing companies has announced today that the company has received a new export order of approx. Rs. 405 crores. With this, the total unexecuted order book of the company stands at approx. Rs. 1,800 Crores, out of which 80% is exports. These orders are meant to be executed in the current financial year.

Commenting on this, Dr R. C. Mansukhani, Chairman, Man Industries (India) Limited said, “Despite the ongoing crisis and challenging business environment globally, we are striving to grow our order book and increase the capacity utilization. This order win is testament to our commitment towards creating sustainable value for our shareholders and improve the overall returns for the Company.”

The company holds an impeccable track record of uninterrupted profitability, dividend and meeting all its financial obligations in the toughest business environment. Meanwhile, the company’s plants are now fully operational.

Business World

PXIL highlights key power market regulatory reforms and insights

Aug 15, 2020 by Gouri Achary 0 Comments #Central Electricity Regulatory Commission (Power Market) Regulations 2020, #Chairman, #Dr. Kirit S. Parikh, #MAC & Independent Director, #MD & CEO, #Mr. Prabhajit Kumar Sarkar, #PXIL, #the Power Exchange India Limited (PXIL)

Ahead of the public hearing of the Central Electricity Regulatory Commission (Power Market) Regulations 2020, the Power Exchange India Limited (PXIL), conducted its 2ndMarket Advisory Committee and stakeholder consultation meeting to discuss key market regulatory reforms concerning the power industry. The event threw light on crucial topics – Key aspects of Draft Power Market Regulations 2020, Decision support tools for Real-Time Market (RTM), Significance of market coupling and dual price discovery, Efficiency and convergence of prices. The meeting was attended by more than 80 participants from Distribution Companies, IPPS, SLDCs, Captive generators and other stakeholders from the market.

Dr. Kirit S. Parikh, Chairman, MAC & Independent Director, PXIL, in his opening remarks emphasised on the need of converging prices in the collective segment, congratulated the market participants for having demonstrated the need to have competition between exchanges, and, finally, on the benefits, the proposed market coupling is likely to bring to the market and market participants. Dr. Parikh further added that the Government has been promoting competition in the procurement of various services. The electricity sector, in general, and electricity procurement, in particular, falls under the guiding principles to foster competition and transparency.

In the opening remarks, while talking about market coupling, pricing and need for market participation, Mr. Prabhajit Kumar Sarkar, MD & CEO, PXIL said that “The rapidly changing framework of the entire power sector demonstrates the key role that power markets have to play. The underlying need for competition in the power markets is therefore gaining acute significance in the industry. A competitive marketplace can thrive on a strong foundation of an enabling market structure like market coupling, fair rules that allow competition to thrive and ensuring ease of participation on various marketplaces.”

One of the important aspects discussed during the meeting was that the two existing Power Exchanges operate in the same geographical area with completely independent order books and independently-run price discovery systems. Consequently, different prices also known as dual prices are discovered for market participants for the same time and geography in the two Exchanges. This difference in prices between the two exchanges is sometimes used by participants to compute notional gains and losses, which in turn is used to determine whether to continue participation or not. Such loss/gain computation is a fallacious exercise because the price differences itself are notional and an outcome of the change in participation from one exchange to another.

Mr. Anshul Garg, Head, Power Sales & Trading, Adani Power emphasised that competition will foster exchanges to enhance the service levels, innovate for the market which in turn will reduce the overall costs for procurement. Mr. Baba, Director TTIC, JK PDD, echoed the sentiment and mentioned that monopolistic structures are inherently inefficient. He also suggested bringing down the gate closure time, in RTM segment, closer to delivery so that sudden changes in demand/generation can be handled effectively.

Mr. Rajesh Mahajan, Head, KISPL, also brought forth the increased role power exchanges will have to play as the markets for longer duration contracts and financial markets open up in the sector.

While sharing his views on pricing and market participation, Mr. Kapil Dev, Vice President & Business Head, PXIL said, “We believe that prices cannot be the glue to stick liquidity in one product or one exchange. And efficiency in the convergence of prices can only be achieved through higher consistency and sustained participation. I think market participants need to continue participation on both the exchanges which would lead to better overall returns for the buyer and the seller depending on the market dynamics.”

The power market of India is expected to grow exponentially in the future considering its scale and size which has created a dire need for multiple exchanges and competing marketplaces to be available for participants. And, as the power market progress, PXIL is determined to play a critical role in providing competitive efficiency in innovation, services, cost, management and all such parameters which can enable to create a thriving and optimized power market.

Business World

NESCO Q1FY20 Results announced | August 14, 2020

Aug 15, 2020 by Gouri Achary 0 Comments #Chairman, #Nesco, #NESCO Q1FY20 Results, #Sumant Patel

Nesco revenues increased by 21% from Rs. 392 crores to Rs. 474 crores, profit before tax increased from Rs. 247 crores to Rs. 292 crores, an increase of 18%. PBT was 62% of revenues. This was the year when the Company had the highest PBT in history.

Nesco IT Park showed a growth of 57% its revenues rising from Rs. 136 crores to Rs. 214 crores. IT building 04 – 17 lakhs sq. ft. BUA – was completed during the year. License agreements have already been finalized with leading MNCs including KPMG, BlackRock, Here Solutions, etc. Revenues of about Rs. 200 crores per year are expected from IT04.

Bombay Exhibition Centre revenues were Rs.158 crores. So far Bombay Exhibition Centre was providing space & infrastructure to guest exhibitions. Last year our Company set up a new division – Nesco Exhibitions – which launched its own exhibitions that included India Auto Show; Edutech; Machine Tools, Manufacturing & Technology Expo; Hobby & Lifestyle India; and Arogya Expo.

Income from investments increased by 34% to Rs.42 crores, the previous year was Rs. 31 crores; liquid resources increased by 27% from Rs. 538 crores to Rs. 685 crores. This was after Rs. 57 crores were spent on capital expenses.

II. 2020-21:

As regards the first quarter which ended on 30 June 2020 income increased by 15% to Rs.91.35 crores as against Rs.79.53 crores in the corresponding quarter of the previous year, while profit before tax increased by 39% from Rs.45.82 crores to Rs.63.78 crores.

IT Park revenues expected to grow. Now that IT Park Tower 04 is completed, the Company has decided to take up next IT Tower, the built-up area will be about 40 lakhs sq.ft. which will be financed from its own resources without raising any debt.

Growth expected in Indabrator and Investment incomes.

Bombay Exhibition Centre customers had to reschedule or cancel their exhibitions due to COVID-19. Hence BEC revenues will be affected. The Company has decided to build a new exhibition hall so as to increase the capacity of the Bombay Exhibition Centre.

Company’s new division – Nesco Exhibitions expects growth in the current year. Overall, the Company expects reasonable revenues and PBT in 2020-21.
III. On the social front, Nesco continued to enlarge its activities, spent an amount of Rs. 5.09 crores on CSR initiatives which is slightly higher than 2 % of the average net profit of the last three years. So far the Company set up in rural areas a girls’ hostel; an Industrial Training Institute; three English Medium Schools; a surgical ICU in a large medical complex; several toilets; and, water supply systems. The Company expect to start Nesco Incubation Centre actively from September 2020.

Sumant Patel, Chairman, Nesco said “The macroeconomic and business environment continues to be volatile and challenging with the Covid19 pandemic. In the year 2019 -20, Nesco has delivered one of the highest PBT in our Company’s history. This year, first-quarter our income has increased by 15% to Rs.91.35 crores as against Rs.79.53 crores in the corresponding quarter of the previous year, while profit before tax increased by 39% from Rs.45.82 crores to Rs.63.78 crores. Nesco IT Park showed considerable growth and the IT building 4 was completed in no time and we are quite thrilled to have our license agreements finalised with leading MNCs including KPMG, BlackRock, Here Solutions among others.”

He adds “Bombay Exhibition Centre revenues were Rs.158 crores in the year FY 2019 – 20. So far Bombay Exhibition Centre was providing space & infrastructure to guest exhibitions. Last year we have set up a new division – Nesco Exhibitions – which launched its own exhibitions that included India Auto Show; Edutech; Machine Tools, Manufacturing & Technology Expo; Hobby & Lifestyle India; and Arogya Expo. Even in these trying times, Nesco Exhibition expects growth in the current year. We have been investing aggressively in expanding our business verticals, improving and focusing on revenue from our businesses, growth from key sectors, ramping up our engineering, infrastructure and technology solutions. It is expected to benefit us going forward. Our strengthened focus on quality, cost rationalisation to improve margins and better customer experience will continue to drive the growth of our business and create value for our stakeholders. Our commitment to serve the country and strengthen our leadership with the support of our highly passionate team remains persistent”.

https://www.nesco.in/
Business World

Q1FY21 Results interview with Mr. R C Mansukhani, Chairman, Man Industries India Ltd

Aug 12, 2020 by Gouri Achary 0 Comments #Chairman, #Man Industries India Ltd, #Mr. R C Mansukhani, #Q1FY21 Results

Man Industries (India) Limited reports Financial Results:

  • Q1FY21 Total revenue of Rs. 4,101 million as against 2,447 million up by 68% YoY
  • Q1FY21 EBITDA for the period stands at Rs. 555 million as against 282 million up by 97% YoY
  • Q1FY21 PAT for the period stands at Rs. 174 Million as against 27 Million up by 549% YoY

Mumbai, August 12, 2020: MAN Industries (India) Limited, one of the leading Large Diameter Pipe manufacturing company has announced today its unaudited financial results for the quarter ended June 30, 2020. The company reported total revenue of ₹ 4,104 Million in Q1FY21. EBITDA Margin stands at 13.5% as compared to 11.5% YoY up by 200 bps and PAT Margin Stands at 4.2% as compared to 1.1% YoY up by 314 bps.

Commenting upon the performance and future outlook of the Company, Dr. R.C. Mansukhani, Chairman said “All our plant operations have resumed successfully and we are back on track in terms of order execution. We are seeing good traction from domestic as well as international market on the back of revival of demand from key geographies and domestic sector already doing well with ample opportunities from several upcoming oil and gas and water projects like Nal se Jal and river linking. We expect good order Inflows from both domestic as well as the international market in the near term”.

The unexecuted order book as on date is approximately Rs. 14,000 Million to be executed in the current financial year.

The company continues to have a robust book of outstanding bids for more than Rs. 1,80,000 Million at various stages of evaluation for several Oil, Gas and Water projects in India and abroad. The company, therefore, expects good order inflow in near future. 

News

Cancer Patients, Survivors Face New Challenges in the COVID 19 World

Aug 11, 2020 by Gouri Achary 0 Comments #Cancer Patients, #Chairman, #Dr R Ranga Rao, #Dr. Dharminder Nagar, #Gurugram., #Managing Director, #Paras Cancer Centre, #Paras Healthcare., #Paras Hospitals

Delhi NCR, 11 Aug 2020: As the world grapples with the COVID 19 pandemic, cancer patients, as well as cancer survivors, are facing particularly unique challenges, with a higher risk of complications from the viral disease, the need to manage their illness and mental health challenges affecting them disproportionately, say experts at leading healthcare provider Paras Healthcare.

With the disease as well as the treatment compromising the immunity of cancer patients and survivors, they face a heightened risk of a series of infections, COVID 19 being one of them. The evidence clearly suggests a higher rate of mortality from COVID 19 among people with cancer.

“Cancer patients and survivors are already dealing with a lot of difficulties. The COVID 19 crisis has only made it more challenging for them to manage their illness. Cancer patients and survivors are often immuno-compromised because of the disease or its treatment. A very critical element of disease management in them, therefore, is the need to safeguard them from all sorts of infections. People with compromised immune systems are not just at higher risk of contracting infections including COVID-19 but are also prone to severe complications from them. This translates into the need for additional precautions and care. Healthcare providers must adopt a comprehensive approach to the treatment of cancer patients during these times including ensuring the continuation of highest standards of care, unhindered treatment as well as psychological support,” said Dr. Dharminder Nagar, Managing Director, Paras Healthcare.

Cancer patients and their healthcare providers are facing a series of challenges during these times. Patients are worried about how to navigate their daily care, whether it is safe to continue visiting hospitals for chemotherapy or other sessions. They are also concerned about being de-prioritized as care receivers in the ‘new normal’. For patients whose treating hospitals have been converted into COVID 19 centres, there is a sudden crisis of how to continue receiving treatments.

“As cancer care providers, we have also grappled with several questions. For example, the pros and cons of starting or continuing chemotherapy at such a time because chemotherapy suppresses the immune system and makes patients more vulnerable to infections. On the other hand, stopping or delaying treatment puts cancer patients at greater risk of disease progression. Till now we have tried to ensure that no treatments are delayed or stopped. It is also extremely important to completely isolate the wards for cancer patients so that the risk of infection is minimized. At Paras Healthcare, we have been highly considerate of the needs of cancer patients and survivors. We have initiated special measures to ensure that they continue receiving highest standards of care while mitigating the risk of infection during treatment, diagnosis as well as imaging,” said Dr R Ranga Rao, Chairman, Paras Cancer Centre, Paras Hospitals, Gurugram.

An often overlooked aspect of cancer treatment is mental health management. The mental health of cancer patients takes a major hit even in normal circumstances. However, currently with a precarious disease situation, they are finding it extremely difficult to cope with the anxiousness and heightened risk of infection.

“We clearly see a rise in the incidence of anxiety and depression among cancer patients in the current circumstances. Offering psychological support, counselling, and medication support if needed to deal with mental health deterioration is important in these circumstances,” adds Dr. Rao.

Two studies published recently in The Lancet journal indicate a high rate of mortality among COVID-19 patients who also have cancer. In one of the studies, data from more than 900 COVID-19 and cancer patients from the US, Canada, and Spain showed a 13% mortality rate. Another study of 800 UK patients with COVID-19 and cancer found a 28% mortality. The studies also concluded that male patients with other COVID-19 mortality risk factors, such as older age and additional comorbidities, had an increased risk of death. However, cancer treatments such as chemotherapy did not appear to have an effect on mortality in either study.

Another study conducted in the US found that 10.4% of 1018 patients with cancer and COVID-19 had died between March and April. As compared to this, the mortality rate was 5.8% for each 100 confirmed cases.

Business World

India’s Leading Footwear Brand- Asian Footwears Launches Safe and Stylish Masks Across Leading E-commerce and retail Platforms

Aug 10, 2020 by Gouri Achary 0 Comments #Aayush Jindal, #Asian Footwear Pvt. Ltd., #Asian Footwears, #Asian Footwears. Aayush is an IIT-Delhi alum., #Asian HyperProtect A95 collection., #Chairman, #E-commerce and retail Platforms, #MD, #Rajinder Jindal, #Safe and Stylish Masks, #SITRA certified and are priced at 149/- MRP (, #six-layered reusable protective face masks

India’s leading, and one of the oldest footwear brands, Asian Footwears, has stepped into the fight against Covid-19. The company announced the launch of its six-layered reusable protective face masks under the Asian HyperProtect A95 collection. These masks are made from tested and certified materials, delivering high filtration efficiencies, while being stylish at the same time. The move came right after the government announced Unlock 2.0 in which people are stepping out and slowly accepting the new normal.

Asian is a brand endorsed by famous former Indian Cricketer Virender Sehwag. The Asian masks are priced economically for the Indian masses and are reusable. One mask can be washed gently under running water and be reused for up to 30 times. The masks are SITRA certified and are priced at 149/- MRP (available at a discount currently on leading e-commerce platforms), hence effective cost per use comes down to ~5 Rs/use. The masks have 100% spandex based soft ear loops making it easy for the user to wear one for a long period of time. The masks have a 6 layer filter and are designed for every face type with innovative two-panel design, and come equipped with an adjustable nose pin which helps in giving the mask a perfect fitting.

The mask contains 2 outer layers and a 4-layer filtration cartridge made using an SMMS filter fabric (spun-bonded, melt blown, melt blown and spun-bonded non-woven layers sandwiched together). The masks protect the user against any flu and other airborne germs. The organization urges people to wear masks whenever they step out of their homes.

Apart from the simple variant, the firm has also launched a second variant called HyperProtect Ultra (priced at 199/- MRP). This variant comes with a filter valve respirator which helps in easy breathing and avoids heat build-up due to prolonged usage of the mask. Both models are available in more than 7 different colors and prints. Also, they are available in three sizes-small, medium, and large.

“As it has become mandatory for us to accept the new normal, and step out, we are making sure you remain safe. We are adding technologically advanced face masks to our range of products. The masks are 6-layered and offer you protection from dust, any airborne disease, and resistance to splashes. We need to make sure we are doing our best to control Covid-19, and this is our way of saying we care. We urge the public to use masks being manufactured in India, as we totally support the idea of Atmanirbhar India”, said Rajinder Jindal, Chairman, Asian Footwear Pvt. Ltd. “We have been constantly innovating on our protective gear range – soon after the first Asian mask, we launched the Ultra version. A team of engineers and designers are leading the development of our third yet-to-be-launch ed PRO mask, which will be one of the most advanced masks in the reusable mask segment”, said Aayush Jindal, MD, Asian Footwears. Aayush is an IIT-Delhi alum.

The Asian masks are available at all leading E-commerce and retail stores in various colors and prints.

Meanwhile recognized brands like Wildcraft, Khadi essentials, HRX, Adidas, Superbottoms, Puma have started their own line of masks to ensure the safety of everyone around.

Business World

Adani Transmission Limited Consolidated Results for Q1 FY2021

Aug 8, 2020 by Gouri Achary 0 Comments #a part of the Adani Group, #Adani Group, #Adani Transmission Ltd, #Adani Transmission Ltd. (“ATL”), #Chairman, #MD & CEO, #Mr. Anil Sardana, #Mr. Gautam Adani, #Results for Q1 FY2021

Adani Transmission Ltd. (“ATL”), a part of the Adani Group, today announced the financial results for the quarter.

COVID-19 impact:

Transmission: Power sector is an essential service with must-run status. Our lines are operating at
99.9% availabilities and there is no adverse impact on billing.

Distribution: Due to lockdown, even though power demand is down due to lower consumption by
industrial and commercial consumers slightly offset by retail demand, Distribution business being
a regulated asset there is no significant impact on EBIDTA margin.

Liquidity position: The Company maintains enough liquid investments and working capital lines to
meet its obligations in FY21.

Because of COVID-19, there was no impact on Transmission business, however, distribution business got affected due to lower power demand from C&I customers which had an impact on overall consolidated performance. However, the Company is also entitled to delay payment surcharge for delayed payment by customers.

Other Key Highlights:

 Acquisition of “KhargharVikhroli Transmission Private Limited” from Maharashtra State
Electricity Transmission Company Ltd.
 Signed SPA agreement with Kalpataru Power Transmission Limited for the acquisition of
“Alipurduar Transmission Limited” in July 2020.

Economic activity in Mumbai is picking up post relaxation in lockdown. We noticed
improvement in power demand in July 2020 and accordingly the collection scenario has
improved substantially.

Note 1: Q1FY21 Operational Revenue and Operational EBITDA doesn’t include Rs. 330 Cr. APTEL order in favour of MEGPTCL *ASAI – Average Service Availability Index

Speaking on the performance of the company, Mr Gautam Adani, Chairman, Adani Group, said, “We are steadfast in our pursuit of energizing and ensuring continuous power supply across all regions
through our assets in India. Adani Transmission is well-positioned to deliver exponential growth and we
are working towards fulfilling our nation’s electricity needs and strengthening our position as a world-class utility. Our increasingly sustainable practices will help ensure ESG driven goals, one that will benefit not only key stakeholders but the entire nation”

Mr Anil Sardana, MD & CEO, Adani Transmission Ltd, said, “Adani Transmission has evolved over the past few years from a high growth developing company to a growing cum mature asset operation company with minimal throughput risk. ATL is constantly benchmarking to be best in class and is
pursuing focused approached to be world-class integrated utility through development agenda coupled
with de-risking of strategic and operational aspects, capital conservation, ensuring high credit quality and forging strategic partnerships for business excellence and high governance standards. ATL is striving to achieve consumer participation and 24×7 quality power supply despite being disrupted by health and pandemic challenges. The journey towards robust ESG framework and practising a culture of safety is being made integral to its pursuit for enhanced long-term value creation for all stakeholders”

Business World

Adani Power Q1 FY21results

Aug 7, 2020 by Gouri Achary 0 Comments #Adani Group, #Adani Power Limited, #Adani Power Ltd, #Chairman, #financial results[1] for the first quarter of FY 2020-21., #Managing Director, #Mr. Anil Sardana, #Mr. Gautam Adani

Adani Power Ltd, a part of Adani Group, today announced the financial results[1] for the first quarter of FY 2020-21.

Operating performance

Average Plant Load Factor (PLF) achieved during the first quarter of FY21 is 51%, as compared to 78% achieved in Q1 FY 20. The PLF is lower due to the decline in power demand following the announcement of a nationwide lockdown to combat COVID-19. Consolidated Units sold for the quarter are 12.7 BU, as compared to theQ1 FY20 sales volume of 16.5 BU.

Despite the lockdown, the 3,300 MW Tiroda plant saw good demand for power for a major part of the quarter, due to its advantageous position in the Maharashtra merit order. The 1,320 MW Kawai plant also saw improving PLF in the month of June 2020, after the lockdown was relaxed and power demand started to normalize.

However, the Udupi plant witnessed a sharp fall in PLF due to a slump in power demand. The Mundra plant self was also affected by lower power demand and subdued short term market tariffs.

On the other hand, all power plants were able to achieve or exceed normative availability under long term PPAs through diligent efforts, despite restrictions imposed during the lockdown, in fulfilment of their role as providers of the essential service of electricity generation.

Financial performance

Consolidated total revenue for Q1 FY21 stood at. 5,356 crore as compared to Rs. 8,015 crore in Q1 F20. Adjusted for one-time revenue recognition and prior period items, the normalized revenue for the quarter was Rs. 5,353 crore, as compared to Rs. 6,892 crore for the corresponding previous quarter.

Consolidated EBITDA for Q1 FY21 declined to Rs. 1,541 crore as compared to Rs. 2,894 crore for Q1 FY20. EBITDA for the quarter was lower mainly due to higher one-time income recognized in the corresponding quarter of the previous year, lower EBITDA of Mundra due to lower PLF, and incorporation of operating expenses of REL and REGL post-acquisition.

Depreciation and interest charge during the quarter were higher mainly due to the incorporation of the consolidation of REL and REGL.

The results of the corresponding previous quarter included an exceptional item of Rs. 1,004 Crore, pertaining to the write off of certain receivables and advances, owing to the acceptance of resolution plan submitted by the company for the acquisition of REGL (previously Korba West Power Co. Ltd.). In comparison, Q1 FY21 has not recorded any exceptional items.

The loss after tax and exceptional items for Q1 FY21 was Rs. (-) 682 Crore, as compared to a loss after tax and exceptional items of Rs. (-) 263 Crore for Q1 FY20. The Total Comprehensive Loss after Tax was Rs. (-) 705 Crore for Q1 FY21, as compared to a Total Comprehensive Loss of Rs. (-) 266 Crore for the corresponding quarter of the previous year.

Other developments

The Madhya Pradesh Electricity Regulatory Commission has approved a 25 year, 1,230 MW Power Supply Agreement (PSA) entered into by the Company’s wholly-owned subsidiary, Pench Thermal Energy (MP) Ltd. with MP Power Management Company Ltd. The power to be supplied under this PSA will be supplied by a greenfield, 1,320 MW Supercritical power plant to be set up in Madhya Pradesh under a Design, Build, Finance, Own, and Operate basis.

Adani Power Ltd. has also signed a definitive agreement to acquire a 49% stake in Odisha Power Generation Corporation Ltd. (OPGC) from the affiliates of AES Corporation, a US-based energy company, for the INR equivalent of USD 135 million. OPGC operates a 1,740 MW thermal power plant in Odisha, which includes a recently commissioned Supercritical capacity of 1,320 MW. It has a 25 year PPA with the Odisha Grid Corporation, and a dedicated captive mine in the State. Balance 51% stake in OPGC is held by the Odisha State Government.

Commenting on the quarterly results of the Company, Mr. Gautam Adani, Chairman, Adani Group said, “Adani Power continues to march ahead towards the achievement of its vision to play an important role in fulfilling India’sgrowing demand for electricity. The Adani Group has a strong belief in India’s economic fundamentals and potential and the role of the infrastructure sector in attaining long term growth. Achieving the Government’s ambitious targets for the infrastructure sector will call for a confluence of enabling policy actions, procedural reforms, and support from the financial sector, in order to reinvigorate investments by the private sector. We remain committed to sustainable growth and being an active contributor to nation-building.”

Mr. Anil Sardana, Managing Director, Adani Power Limited, said, “Having combated and overcome the challenge posed by the COVID-19 pandemic, our resolve is to excel in all spheres of our activity and to meet the aspiration of millions of Indian who don’t have access to affordable power, has only become firmer. As we continue to seize opportunities of value creation in a challenging market and a fast-changing competitive landscape, we are focusing on operational excellence and sustainability, while taking long term decisions to enhance our strategic capability and resource flexibility. We are committed to fulfilling our promise to all stakeholders and creating lasting value for the nation and society.”