December 9, 2022

Adani Energy has acquired Rs 3,000 crore dues with curiosity from the state-owned energy distribution firms of Rajasthan as compensation for increased gas prices. Shares of Adani Energy hit 10% higher circuit on the Bombay Inventory Change on Tuesday, a 52-week excessive at Rs 233 apiece.

On February 25, the Supreme Courtroom requested the Rajasthan discoms to pay Rs 3,048.63 crore together with curiosity inside 4 weeks, failing which the discom officers have been to look in individual. It additionally guidelines that the discoms would in any other case be answerable for contempt of court docket.

“Within the listening to of March 31, Adani Energy knowledgeable the court docket that Rajasthan Discoms have made a cost of Rs 3,000 crore to the corporate on March 30,” sources stated.

Adani Energy had signed an settlement with the discoms in March 2008 to arrange a 1,200-Mw coal-based energy venture close to Kawai in Baran district at Rs 6,000 crore. As per the settlement, the state needed to facilitate provide of coal both from the central authorities or different sources. Because it failed to take action, the corporate procured imported coal to produce energy. The corporate claimed increased prices from the Rajasthan Electrical energy Regulatory Fee (RERC).

RERC in 2018 ordered in favour of Adani Energy and directed cost of compensation by the discoms. The discoms moved the Appellate Tribunal for Electrical energy (Aptel), which upheld the fee’s order. The matter moved to the Supreme Courtroom because the discoms argued that Adani Energy was liable for the gas association.

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