Adani Power Move Northwards As Board Considers Slump sale Of Mundra Plant

The board of Adani Power has scheduled a meeting on June 6, 2017, to consider and evaluate slump sale of its power generating business at Mundra in Gujarat.

The company has recently reported its financial results for the quarter and year ended March 31, 2017. The company reported in its filings with the BSE that it wrote off receivables pertaining to a compensatory tariff for Mundra plant, totalling to Rs 3620 cr that were recognised up to March 2016.

Consolidated EBITDA were lower for the quarter ended and year ended March 31, 2017. Consolidated total income for the year reduced due to non-recognition of compensatory tariff for Mundra plant.

Investors reacted positively to the company’s decision of considering the sale of its Mundra power generating business. The stock has touched its intraday high of Rs 27.5 per share up by 2.04% as of 1038 hours on Friday.

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About Suhani Varma