Adani Power, GUVNL settle dispute over power purchase agreement
The Hindu
Adani group decides to waive ₹12,000 crore compensation
In a major relief to Gujarat’s power utility, Gujarat Urja Vikas Nigam Ltd (GUVNL) and Adani Group’s power company have decided to amicably resolve their decade-old dispute over a 1,000 MW power purchase agreement (PPA) in an out-of-court settlement.
As part of the settlement, the Adani group has decided to waive ₹12,000 crore compensation that was allowed by an order of the Supreme Court in 2019. The compensation was payable by GUVNL as per the verdict.
Now, both parties have approached the Supreme Court, which is seized of the Gujarat government’s curative petition, informing that the two sides agreed to move ahead with the out-of-court settlement to bring financial relief to the power consumers in Gujarat.