The Biggest Winner of India's Coal Power Revival: Adani Group Sweeps Tenders in BJP-Ruled States Since 2024

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INDIA RESUMED long-term coal power purchases for states in 2024 to add massive thermal power capacity over the next decade. Since then, most of these contracts have been won by the Adani Group, and as per The Reporters' Collective these contracts could collectively earn the company revenues of more than Rs 13.27 lakh crore. As the government renewed its focus on energy security, one company emerged as a major beneficiary — the Adani Group.

An investigation by The Reporters' Collective explained how the Adani Group secured major contracts from states where the Bharatiya Janata Party (BJP) was in power. The report stated that the company secured every long-term coal power purchase contract floated by BJP-ruled states since the Centre revived such agreements in 2024, either independently or as one among multiple awardees. The report also said that, in some cases, the tender conditions were structured in a way that favoured the Adani Group.

Why Coal Power Is Making a Comeback

Coal is making a comeback around the world, including in India. As electricity demand grows, the need for reliable base-load power is increasing. Policymakers have increasingly expressed concerns about energy security and the intermittent nature of solar and wind power.

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India is now planning to add between 80 GW and 95 GW of thermal power capacity by 2031-32. This shift has opened a new wave of long-term power purchase agreements, locking state governments into buying electricity from private producers for up to 25 years and providing companies with guaranteed streams of revenue.

How the Adani Group Emerged as the Biggest Beneficiary

According to The Reporters' Collective, 12 long-term power contracts were opened for bidding between March 2024 and January 2026. The Adani Group reportedly won all eight tenders issued by BJP-ruled states, either on its own or alongside other companies. Of the remaining four tenders floated by Opposition-ruled states, Adani secured only one.

According to calculations made by the publication, the contracts secured by the Adani Group could generate more than Rs 13.27 lakh crore over the next 25 years. This estimate is based on the electricity prices fixed in the contracts and the fact that these agreements span about 25 years.

These are long-term deals under which state governments are required to buy electricity from private companies, mainly coal-based power producers, for decades. Some contracts also require the supply of renewable energy. For companies like the Adani Group, these agreements provide a guaranteed and steady source of revenue worth thousands of crores over the life of the contracts.

The Reporters' Collective also pointed out that its earlier reports had alleged that some BJP-ruled states altered tender conditions in ways that benefited the Adani Group. The publication cited two such examples — one in Maharashtra and another in Rajasthan.

Tenders in Maharashtra, Rajasthan and Madhya Pradesh

Maharashtra became one of the first states to invite bids for round-the-clock electricity supplied through a combination of thermal and solar power from a single company. Rival firms reportedly objected, arguing that only a handful of players possessed the scale necessary to meet both requirements. Adani eventually won the contract.

A similar tender in Rajasthan attracted criticism before being scrapped. Earlier reports by The Reporters' Collective alleged that both tenders had been structured in a manner that advantaged the Adani Group.

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In another case in Madhya Pradesh, Adani Power was one of the companies that won contracts to supply electricity from a 4,100 MW thermal power project. Later, the state purchased an additional 800 MW of power through a special "greenshoe option", which allowed it to buy more electricity from an existing winner without holding a fresh auction.

According to The Reporters' Collective, the extra capacity was first offered to Hindustan Thermal Projects and Torrent Power, but after both companies declined, Adani Power agreed to supply the additional electricity and secured the contract without fresh bidding.

Adani Rejects Allegations of Political Favouritism

The Reporters' Collective sent questionnaires to the Union Ministry of Power, the Central Electricity Authority, the Central Electricity Regulatory Commission and the Adani Group. The Adani Group rejected any suggestion that it had received political support in securing these contracts.

Responding to the questionnaire, the company said that the contracts were won through competitive bidding and that no political influence was involved. Adani Power said all contracts had been secured through "open, transparent and competitive bidding processes" and that the political affiliation of state governments had no bearing on the company's participation.

The company also said that it had won contracts not only in BJP-ruled states and that other companies had also secured contracts in those states. It further noted that it was not the sole winner in every BJP-ruled state and had also won contracts in non-BJP states. According to the company, tariffs had been approved by independent electricity regulators after ensuring transparency and competitiveness.

The government's renewed emphasis on coal-based power has created a major business opportunity for many companies, and the Adani Group has emerged as one of the biggest beneficiaries. The company itself has described thermal power expansion as a significant growth opportunity for financially strong and experienced private players.

As India's electricity demand rises and concerns over energy security take centre stage, the thermal power sector appears poised for another phase of expansion.

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