Adani group company has applied for license for expansion of electricity distribution business in Mumbai Metropolitan Region. The group aims to invest Rs 5,700 crore in the next five years to create the necessary infrastructure for expansion in this area.
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Adani group company has applied for license for expansion of electricity distribution business in Mumbai Metropolitan Region. The group aims to invest Rs 5,700 crore in the next five years to create the necessary infrastructure for expansion in this area. The group will set up power networks to compete in new areas with the state-run Maharashtra Electricity Distribution Company (ASEDCL).
Where does the company want to expand?
In an advertisement published in various city newspapers on Saturday, Adani Electricity Navi Mumbai (AENM) said it along with its listed parent company Adani Transmission has approached the Maharashtra Electricity Regulatory Commission for distribution license in certain areas of Mumbai Metropolitan Region like Navi Mumbai, Panvel and Thane districts. (MERC) has been contacted.
The company forayed into power distribution in suburban Mumbai four years ago after acquiring Anil Ambani Group’s Reliance Energy for over Rs 18,000 crore. Adani Group is also building Navi Mumbai International Airport with an investment of Rs 15,000 crore, which is expected to be operational in the next few years. The group is also eyeing to distribute power to the country’s largest container port JNPT, located near Navi Mumbai. Apart from this, there is a plan to distribute electricity in the nearby industrial townships of Uran, Panvel and Taloja.
Under the Electricity Act 2003, application for license for distribution of electricity with parallel i.e. already existing companies was given a few months ago by a company. MERC accepted the application on Friday. After that a public notice has been issued. According to the group’s application, it plans to invest Rs 5,700 crore in the next five years to create the entire infrastructure.
Adani Electricity has been distributing electricity in Mumbai for more than four years. The company competes with Tata Power in this sector. The company has failed to increase market share in the segment and is now focusing on it.
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