Adani Power has clarified the stock exchanges that it has called off its plan to acquire a coal plant project in central India and there is no further development in this matter. (ALSO READ: Adani Transmission to announce debt refinancing plans in a few weeks: Report)
In August 2022, Adani Power agreed to take control of DB Power at an enterprise value of ₹70.2 billion ($850 million). The acquisition was approved by the country’s competition regulator a month later.
Amid the media reports that Adani Power had cancelled the acquisition of the coal plant, Adani Power informed both the stocks exchanges — BSE and NSE — on Tuesday that it was not going ahead with the acquisition. (ALSO READ: Adani against bid for stake in power trader PTC India: Report)
The Adani Group company and DB Power mutually agreed not to proceed with the transaction after a long-stop date expired on February 15. DB Power operates a 1.2-gigawatt coal power project in the Indian state of Chhattisgarh.
The DB Power buyout, which currently operates a 2×600 MW coal-fired power plant in Janjgir Champa district in Chhattisgarh, was expected to expand Adani Power’s offerings and operations in the thermal power sector in the state.
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