Adani Power in talks to buy Reliance Power's 600-MW thermal plant in Nagpur

The power plant, which was once owned by bankrupt Reliance Power, is now under Vidarbha Industries Power, former’s subsidiary, Mint said.

Adani Power is in discussion to buy the 600-MW Butibori thermal power project in Nagpur for Rs 2,000-3,000 crore, Mint reported citing sources. The value of the deal could translate into Rs 4-5 crore per megawatt.

The power plant, which was once owned by bankrupt Reliance Power, is now under Vidarbha Industries Power, a subsidiary of Rel Power, Mint said.

The Gautam Adani-led group is talking to CFM Asset Reconstruction Company, which is the only lender to the power project, according to the report. The project has two plants and could have been valued near Rs 6,000 crore. However, it has been shut and that has affected the valuation, pointed out the business daily.

Earlier in April, the Anil Ambani-led firm had completed the slump sale of its Vashpet, Maharashtra, wind power project to JSW Renewable Energy.

In a regulatory filing on April 12, Reliance Power reported that it had "concluded the slump sale / transfer of its 45-MW wind power project at Vashpet, Maharashtra, to JSW Renewable Energy (Coated) Limited and the consideration amounting to Rs 132.39 crore had been received".

Before that in March, the firm’s two subsidiaries settled debt worth Rs 1,023 crore with Authum Investment's arm Reliance Commercial Finance.