Adani Power Limited (APL) has solidified its position as India’s largest private coal-based independent power producer (IPP), with a total capacity of 18,150 MW across 12 plants in eight states, according to a Morgan Stanley research report. The company has successfully acquired and revitalised 4,370 MW of stressed assets, with an additional 2,900 MW integration currently underway. APL has consistently maintained plant availability above 90 per cent, supported by digital operations and in-house coal sourcing and logistics expertise. The company holds an 8 per cent share in India’s coal capacity and generation, second only to NTPC, and is projected to increase its market share to 15 per cent by FY32, supported by a 41.9 GW capacity pipeline—2.5 times its current portfolio. The report hi

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