Adani Power to deliver 9900 MW by 2012-13

Excerpts from Closing Bell on CNBC-TV18 Watch the full show » Nifty BSE | NSE 01/06/12 Are Mutual Funds betting on Nifty?

Adani Power's initial public offering (IPOs) will hit the stands in the next ten days. It will go on to create a very significantly sized entity with a market cap of more than Rs 27,000 crore to be reckoned by way the issue will be priced and it will raise about Rs 3,000 crore from the market as well.

Adani Power will get listed in a few weeks from now but the issue will hit the stands on July 28.

Gautam Adani, Chairman, Adani Group, is confident of delivering 6,600 MW by 2012. He sees the balance 3,300 MW getting commissioned by 2012-13.

Amit Desai, Director, Adani Power, said the firm has been able to tie-up 75% debt for the initial 6,600 MW which is under construction. "We could tie-up Rs 2,200 crore of debt for 6,600 MW when the markets were difficult. We are confident that with the first unit getting commissioned, lenders will be quite happy to extend the loans for the remaining 3,300 MW."

Here is a verbatim transcript of the exclusive interview with Gautam Adani and Amit Desai on CNBC-TV18. Also watch the accompanying video.

Q: The big issue with the power sector is one of execution. When you have proven execution in things like Mundra Port you don't have a proven track record in the power business yet, are you confident that you will be able to put up what you are advertising on the hoardings--9,900 MW without a hitch?

Adani: Out of 9,900 MW, 6,600 MW project is already in a quite advanced stage of construction. The first unit of 330 MW is already commissioned and rest of the units will start commissioning every quarter, and whatever we planned is going ahead as per the schedule.

Q: So you are sure that by 2012, you will be able to deliver 6,600 MW?

Adani: Sure.

Q: No doubt about that?

Adani: Yes

Q: You don't see any slippages, because there are often slippages in ht power sector? You don't feel any of them?

Adani: No, everything right now is moving as per schedule.

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