Adani Power, arm of Indian business conglomerate Adani Group, announced completion of the acquisition of Udupi Power Corporation (UPCL) from Hyderabad based Lanco Infratech, deal valued at Rs 63 billion. Udupi Power Corporation (UPCL) is a 1200 MW power plant based on imported coal and includes a captive jetty for coal imports.

This is the largest acquisition in the thermal power space in recent times. The transaction was announced earlier last year in August 2014. The Udipi Power Corporation (UPCL) has long term power sale agreements with the Discoms of the states of Karnataka and Punjab. APL is India’s largest private sector power generation company with installed capacity of 9240 MW. With acquisition of the UPCL, the capacity of APL increases to 10,440 MW.

Commenting on the completion of the acquisition of Udipi Power, Gautam Adani, chairman, Adani Group said, ''The completion of the Udipi Power acquisition formalizes the entry of Adani Power into Southern India and is further testimony to our commitment to enhance our pan-India footprint in the Indian power sector. The Adani Group remains committed to helping India on its path to attaining energy sufficiency, which we feel will play an instrumental role in assisting in the larger national agenda of inclusive growth for all and is demonstrative of our continuous efforts of nation building. The Udipi Power acquisition is thus, a huge step for us as it will definitely help us deliver on our promise of achieving 20,000 MW of capacity by 2020.''

Shares of the company gained Rs 0.1, or 0.22%, to trade at Rs 45.65. The total volume of shares traded was 111,633 at the BSE (10.00 a.m., Tuesday).