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Adani Power’s deal to acquire DB Power expires

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Billionaire Gautam Adani-Adani Power’s planned 7,017-crore acquisition of thermal power assets of DB Power Ltd has collapsed as the deadline to complete the transaction expired. The agreement to acquire the company was announced in August 2022.

Billionaire Gautam Adani-Adani Power’s planned 7,017-crore acquisition of thermal power assets of DB Power Ltd has collapsed as the deadline to complete the transaction expired. The agreement to acquire the company was announced in August 2022.

“We wish to inform that the long stop date under the memorandum of understanding dated August 18, 2022, has expired,” Adani Power said in an exchange filing on Wednesday, without providing any information about the extension of dates or agreement renegotiation.

“We wish to inform that the long stop date under the memorandum of understanding dated August 18, 2022, has expired,” Adani Power said in an exchange filing on Wednesday, without providing any information about the extension of dates or agreement renegotiation.

By announcing the expiry of the long stop date, the power sector arm of the Adani Group has virtually called off the acquisition deal.

By announcing the expiry of the long stop date, the power sector arm of the Adani Group has virtually called off the acquisition deal.

The date to complete the process of acquisition of DB Power was extended four times after the initial deal was signed in August last year.

The date to complete the process of acquisition of DB Power was extended four times after the initial deal was signed in August last year.

This comes at a time when US-based short seller Hindenburg Research has accused the Adani Group of improper use of offshore tax havens and stock manipulation. The conglomerate has denied any wrongdoing.

This comes at a time when US-based short seller Hindenburg Research has accused the Adani Group of improper use of offshore tax havens and stock manipulation. The conglomerate has denied any wrongdoing.

The Hindenburg’s adverse report has plunged Adani into crisis, wiping some $120 billion off the value of the group’s companies.

The Hindenburg’s adverse report has plunged Adani into crisis, wiping some $120 billion off the value of the group’s companies.

Earlier in August 2022, Adani Power had informed the bourses that it has agreed to acquire DB Power, which owns and operates a running 2×600 MW thermal power plant at district Janjgir Champa in Chhattisgarh.

Earlier in August 2022, Adani Power had informed the bourses that it has agreed to acquire DB Power, which owns and operates a running 2×600 MW thermal power plant at district Janjgir Champa in Chhattisgarh.

DB Power has long and medium-term power purchase agreements for 923.5 MW of its capacity, backed by fuel supply agreements with Coal India Ltd, and has been operating its facilities profitably.

DB Power has long and medium-term power purchase agreements for 923.5 MW of its capacity, backed by fuel supply agreements with Coal India Ltd, and has been operating its facilities profitably.

DB Power is engaged in the business of establishing, operating and maintaining a thermal power generating station in Chhattisgarh.

DB Power is engaged in the business of establishing, operating and maintaining a thermal power generating station in Chhattisgarh.

It was incorporated on October 12, 2006 under the Registrar of Companies, Gwalior. The turnover of DB Power during last three financial years has been recorded at 3,488 crore (for FY 2021-22); 2,930 crore (for FY 2020-21) and 3,126 crore (for FY 2019-20), respectively.

It was incorporated on October 12, 2006 under the Registrar of Companies, Gwalior. The turnover of DB Power during last three financial years has been recorded at 3,488 crore (for FY 2021-22); 2,930 crore (for FY 2020-21) and 3,126 crore (for FY 2019-20), respectively.

The DPPL (Diliigent Power Pvt Ltd) is the holding company of DB Power.

The DPPL (Diliigent Power Pvt Ltd) is the holding company of DB Power.



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