(T.E.T)
Adani Power has received Rs 3,000 crore dues with interest from the state-owned power distribution companies of Rajasthan as compensation for higher fuel costs. Shares of Adani Power hit 10% upper circuit on the Bombay Stock Exchange on Tuesday, a 52-week high at Rs 233 apiece. On February 25, the Supreme Court asked the Rajasthan discoms to pay Rs 3,048.63 crore along with interest within four weeks, failing which the discom officials were to appear in person. It also rules that the discoms would otherwise be liable for contempt of court.
“In the hearing of March 31, Adani Power informed the court that Rajasthan Discoms have made a payment of Rs 3,000 crore to the company on March 30,” sources said. Adani Power had signed an agreement with the discoms in March 2008 to set up a 1,200-Mw coal-based power project near Kawai in Baran district at Rs 6,000 crore. As per the agreement, the state had to facilitate supply of coal either from the central government or other sources. Since it failed to do so, the company procured imported coal to supply power. The company claimed higher costs from the Rajasthan Electricity Regulatory Commission (RERC)
