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Adani Power Ltd. Company History and Annual Growth Details

The Company was incorporated as Adani Power Limited on August 22, 1996 and
received a certificate of commencement of business on September 4, 1996. The
Company became a private limited company on June 3, 2002 and the name of the
Company was subsequently changed to Adani Power Private Limited. The RoC
issued a fresh certificate of incorporation on June 3, 2002.

The Company was, thereafter, converted into a public limited company on April 12,
2007 and the name of the Company was changed to Adani Power Limited. Further,
upon ceasing to be a private limited company, the word private was deleted through
a special resolution at the EGM of the Company held on March 28, 2007. The fresh
certificate of incorporation consequent to change of our name was granted by the
RoC to our Company on April 12, 2007.

The Company was originally incorporated by Mr. Gautam S. Adani and
Mr. Rajesh S. Adani, together with their relatives. In 2004, pursuant to internal
restructuring amongst the Promoters, the entire shareholding of the Company
was transferred to Mundra Port and Special Economic Zone Limited ('MPSEZL').
Subsequently, on May 29, 2006, MPSEZL transferred its entire shareholding in the
Company to Adani Enterprises Limited.

Key Milestones

The table below sets forth some of the key events and milestones in the history of
our Company:

Date Details

August 22, 1996 Incorporation of the Company

September 20, 2006 Execution of Loan agreement (financial closure) with Lenders
of Mundra Phase I Power Project

December 8, 2006 Coal supply agreement with AEL for Mundra Phase I Power Project,
which was extended to Mundra Phase II Power Project through
amendment agreement dated August 10, 2007

February 2, 2007 Execution of PPA with GUVNL for 1,000 MW

February 6, 2007 Execution of PPA with GUVNL for 1,000 MW

June 27, 2007 Execution of subordinate loan agreement for Mundra Phase I and II
Power Project

July 25, 2007 Execution of Loan agreement (financial closure) with Lenders of Mundra
Phase II Power Project

September 28, 2007 Execution of Investment Agreement with 3i Power Investment A1 Limited

November 6, 2007 Allocation of Lohara West and Lohara Extension (E) Coal mining blocks
for Tiroda Power Project

January 15, 2008 Execution of Shareholder Agreement with Millennium Developers Private
Limited for investment in Tiroda Project

February 1, 2008 Agreement to Lease for 204.28 ha signed with Maharashtra Industrial
Development Corporation for Tiroda Project

March 24, 2008 PPA with AEL for 221 MW

March 24, 2008 Coal supply agreement with AEL for Mundra Phase III Power Project

March 27, 2008 Execution of loan agreement (financial closure) for Mundra Phase III Power
Project

March 27, 2008 Execution of subordinate loan agreement for Mundra Phase III Power Project

March 28, 2008 Execution of foreign currency loan agreement for Mundra Phase III Power
Project

April 15, 2008 Coal supply agreement with AEL for Mundra Phase IV Power Project, which
was amended on April 13, 2009

August 7, 2008 PPA with UHBVNL for 712 MW

August 7, 2008 PPA with DHBVNL for 712 MW

September 8, 2008 PPA with MSEDCL for 1,320 MW

November 24, 2008 Investment Agreement with Ventura Power

January 8, 2009 Co-developer agreement with MPSEZL

January 30, 2009 Execution of loan agreement (financial closure) for Tiroda Power
Project - Phase I

March 25, 2009 Boiler light-up of unit I of Mundra Power Project - Phase I

March 27, 2009 Share subscription agreement with Somerset Fund

May 23, 2009 Synchronization of unit I on Mundra Phase I Power Project

June 24, 2009 Execution of loan agreement (financial closure) for Mundra Phase IV
Power Project

June 24, 2009 Execution of subordinate loan agreement for Mundra Phase IV Power Project.

2010

- Adani Power Ltd has appointed Mr. R. K. Madan as an Additional Director in the category of Non Executive-Non Independent Director w.e.f. March 20, 2010 by the Board of Directors of the Company.
 
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