Adani Power forms Bhutan hydro project joint venture
Adani Power formed a 49:51 joint venture with Bhutan’s Druk Green Power Corporation for the 770 MW Chamkharchhu-I hydropower project under a BOOT model. Its shares closed 0.7% higher at ₹196.50, while futures showed a mild long build-up.
pre-market1 source ↓machine-written, see hownot a recommendation
- ADANIPOWER close
- ₹196.50
- On the day
- +0.69%
- Futures OI, long build-up
- +0.1%
- Put-call ratio
- 0.59
- Max pain
- ₹197.50
Adani Power established a joint venture with Druk Green Power Corporation for the 770 MW Chamkharchhu-I Hydroelectric Project in Bhutan. The partnership was created through an investment-cum-shareholders agreement under a BOOT model, under which the project is built, owned and operated before being transferred. Adani Power will hold 49% of the venture, while Druk Green Power will hold 51%. The agreement was signed in the presence of Bhutan Prime Minister Lyonchen Dasho Tshering Tobgay and senior ministers. ⚡
The transaction expands the company’s presence in cross-border power infrastructure and gives it exposure to a large hydropower project in the Himalayan region. The project’s financial value, construction timeline and expected commissioning date were not disclosed in the available report. Cyril Amarchand Mangaldas advised Adani Power on the transaction. The legal team was led by Surya Sreenivasan, with support from Medha Rao and Tanuj Agarwal, while Paridhi Adani provided strategic inputs.
OI Charts data showed the shares closed at ₹196.50 on 15 Oct 2026, up 0.7% for the session, with volume of 1.46 crore shares. The stock gained 4.5% over five sessions but remained down 2.9% over 20 sessions. Its 52-week range stood between ₹128.10 and ₹254.20. In derivatives, futures open interest rose 0.1% in a long build-up, while the futures price remained at a 0.12% discount to the underlying. The put-call ratio was 0.59, indicating comparatively greater call open interest in the tracked expiry.
For the 27 Oct 2026 expiry, OI Charts data placed max pain at ₹197.50, with the largest call and put open interest both at the ₹200 strike. With 12 days remaining to expiry, ₹197.50 and ₹200 are the immediate levels to monitor alongside further disclosures on project financing, approvals, construction milestones and the expected operating schedule. The development is relevant to India’s power and infrastructure segments because execution progress, ownership economics and eventual capacity addition will determine how the agreement translates into earnings visibility. 🏗️
Source: Bar and Bench, 15 Oct 2026
Not investment advice. For informational purposes only.