Adani Power, arm of Indian business conglomerate Adani Group today said it has executed a binding term sheet for acquisition of 100% shares of Korba West Power (KWPCL) from Avantha Power & Infrastructure. KWPCL owns a completed 600 MW coal based power plant at Korba and an expansion phase in progress.

"This is the time for consolidation in the Indian power sector; and as a leading private power producer, Adani Power, has taken the lead in acquiring power assets which are strategic fir to group business and potentially at the lowest end of the cost curve. This acquisition consolidates our pan-Indian presence and further re-affirms our belief in the process under way in the power and coal mining sector. The acquisition of KWPCL expands our footprint in India particularly in the coal mining belt of India and we are bullish of expanding our presence further in the country. We are committed towards contributing towards India's growth and confident of achieving our target of generating 20,000 MW by 2020," said Gautam Adani, chairman Adani Group.
  
Shares of the company gained Rs 0.6, or 1.32%, to trade at Rs 45.95. The total volume of shares traded was 421,890 at the BSE (12.19 p.m., Monday).