In an out-of-court settlement, Adani Power agreed to forego compensation from Gujarat Urja and not to terminate the power purchase agreement
Adani Power | In the last 3 trading days, the stock has gained 18 percent to Rs 64.95 as on March 3 from Rs 55.25 as on February 26. In the same period, we have seen an increase in the volume (from 4,27,368 to 31,23,829), deliverable volume (from 1,55,312 to 13,76,022)
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Adani Power share price jumped more than 7 percent intraday on January 10 after the company settled a dispute with the Gujarat discom.
The stock was trading at Rs 108.25, up Rs 8.05, or 8.03 percent at 2.15 pm on BSE. It touched an intraday high of Rs 110.20 and an intraday low of Rs 98.75.
The scrip was trading with volumes of 7,381,969 shares, compared to its five-day average of 1,066,679, an increase of 592.05 percent.
Locked in a legal tussle since 2010, Adani Power Mundra and Gujarat Urja Vikas Nigam (GUVN) reached an out-of-court settlement, media reports have said.
Adani Power agreed to relinquish compensation from Gujarat Urja and will not terminate the power purchase agreement. The compensation amount is estimated to run into thousands of crores, the reports claimed.
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In September 2021, GUVNL filed a curative petition in the Supreme Court, asking for a review of a 2019 order that favoured Adani. In a December 4,2021 order, the court said the two parties reached a settlement, reports said.
According to the settlement, Adani Mundra would not claim compensation from GUVNL or terminate the PPA. Adani Power signed a PPA with GUVNL in 2007 for the supply of 1,000 mw at Rs 2.35 a unit from its power project at Korba in Chhattisgarh, based on coal supply from Naini coal block.
The Gujarat Electricity Regulatory Commission and the Appellate Tribunal of Electricity termed the PPA termination as “illegal”. In 2019, however, the Supreme Court decided Adani Power Mundra was right in terminating the PPA as it could not get its coal supply on time.
According to the settlement, Adani Power will also agree with GUVNL on the methodology reworked for the payment of energy charges to the power unit for generation and supply of electricity under the PPA.
