Adani Power shares have hit their highest ever point, thanks to the creation of a subsidiary company dealing with the production of nuclear energy. Adani Atomic Energy, a company under Adani Group, has created Coastal-Maha Atomic Energy Company to work on atomic energy projects. It is a strategic step, considering that the firm has been receiving good credit ratings from ICRA.
Adani Power’s entry into the production of nuclear energy has been made possible through the creation of Coastal-Maha Atomic Energy. This new firm is a subsidiary of Adani Atomic Energy, which in turn belongs to Adani Power. Coastal-Maha Atomic Energy Company will be responsible for the production, transmission, and distribution of power from atomic and nuclear energy. The authorized capital of this newly formed firm stands at ₹5 lakh, divided into 50,000 equity shares of ₹10 each.
Credit Profile Excellence:
Another testimony to the company’s excellent credit profile is ICRA, who provided a rating of ICRA AA/Stable to other term loans while providing an ICRA A1+ rating for non-fund based facilities. The ratings of existing bank facilities and non-convertible debentures have been reaffirmed. In all, these facilities represent approximately ₹69,000 crore. Clearly, a high level of safety regarding timely financial obligations, and a very high capacity for short-term obligations is exhibited.
Operating Scope & Vision:
Adani Power, being a major member of the diversified Adani group, is India’s biggest private producer of thermal power today. It possesses an installed thermal power capacity of 17,510 MW through its 11 power stations spread throughout India. In addition to this, Adani Power also boasts of having a 40 MW solar power station. In the past, it became known as the world’s first company ever to have established a supercritical thermal power station using coal as the fuel, and registered under Clean Development Mechanism (Kyoto Protocol).
