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Adani Power on Monday said that the company is not facing any land acquisition problems for its power project in Maharashtra, contrary to what it said in the draft public offer prospectus filed with the Securities and Exchange Board of India.
"The 210 hectares of land for Tiroda project is more than sufficient and we have applied for additional land for future expansion," Adani Power director Ameet Desai said when queried on reports that the company is facing land acquisition problems for its power project in Maharashtra.
"We may not be able to acquire sufficient land area for our project in Maharashtra which may affect the viability of the project," Adani Power had said in its draft IPO prospectus filed with Sebi.
Adani Power proposes to raise Rs 2,200 crore (Rs 22 billion) through an initial public offering by offloading 33.7 crore (337 million) equity shares. After listing, promoter Adani Enterprises will hold about 73.5 per cent in the power firm. It would be listed on the bourses by the end of this month.
The proceedings of the IPO would partly be used for their expansion plans.
Adani Power is implementing two thermal power plants in Mundra in Gujarat and Tiroda in Maharashtra.
It has signed power purchase agreements with Haryana, Maharashtra and Gujarat governments for selling power from the 2,000 MW Mundra and 1,320 MW Tiroda projects.
The company also proposes to set up a 1,320 MW plant in Rajasthan and another 1,980 MW project at Dahej in Gujarat.