Wondering what’s happening with Adani?
Well there have been a few developments of late.
Adani’s original plan was to use the coal from the Carmichael mine in its own generators at the Mundra power plant in Gujarat, India. Except Adani Power Mundra is on the verge of bankruptcy.
Faced with mounting operational losses, they have already started scaling down generation from the Mundra plant. The average plant load factor in the January-March 2018 quarter dropped to 37%, from 73% a year ago.
Currently Adani Power has debts of about $US7.4bn, having lost $US927m last year and $US317m this year. They tried to give the government a 51% stake in the Mundra plant for a token amount of Re 1 but they weren’t interested.