Adani Power, the largest private sector thermal power producer in India, has announced an ambitious plan to expand its capacity by 9,020 megawatts, aiming to meet the country’s growing power demand.

What Happened: Adani Power’s current power generation capacity is 16,850 MW, with an additional 1,600 MW construction already underway, according to an NDTV Profit report. The proposed expansion of 9,020 MW includes both organic and inorganic growth.

The company’s operating capacity has increased by 12% to 15,250 MW with the commissioning of the 1,600 MW Godda ultra-supercritical thermal power plant. Adani Power aims to commission the plant in fiscal 2028. In addition, the company plans to add 4,800 MW of brownfield capacity in the coming years, along with proposed acquisitions, bringing their total to 24,270 MW. Another 1,600 MW project at the Raigarh power plant in Chhattisgarh is also in the works.

See Also: Adani Stocks Rocket Upto 15% As Markets Cheer Exit Poll Predictions

The expansion is attributed to India’s growing power demand due to population growth and urbanisation trends. Adani Power has also invested in advanced technologies for cleaner and more efficient coal-based power generation during the year.

The company’s shares surged over 15% to hit a new all-time high of ₹890. This surge was attributed to the Indian markets shaking off election jitters and the anticipation of the incumbent government returning to power, which was seen as a boost for the Indian economy and stock markets. The company’s ambitious expansion plan is likely to further strengthen its position in the market.

Price Action: Adani Power's share price was up 16.09% to trade at ₹877.40 on Monday afternoon.

Read Next: IRFC Rockets To 200-Mark On Policy Continuity Hopes As Exit Polls Predict Modi 3.0