KWPCL owns a 600MW coal-based power plant and an expansion phase, which is currently under progress at Korbaat Raigarh in Chhattisgarh, a state in India.
Adani Group chairman Gautam Adani said: "This is the time for consolidation in the Indian power sector; and as a leading private power producer, Adani Power, has taken the lead in acquiring power assets which are strategic fit to group businesses and potentially at the lowest end of the cost curve.
"This acquisition consolidates our pan-Indian presence and further re-affirms our belief in the reforms processes under way in the power and coal mining sectors.
Adani Power aims to achieve 20,000MW of capacity by 2020.
"The acquisition of KWPCL expands our footprint in India particularly in the coal mining belt of India and we are bullish of expanding our presence further in the country.
"We are committed towards contributing towards India’s growth and confident of achieving our target of generating 20,000 MW by 2020."
Private sector power generation company Adani Power has operational capacity of 9,240MW, including 4,620MW at Mundra in Gujarat, 3,300MW at Tiroda in Maharashtra and 1,320MW at Kawai in Rajasthan, India.
