Adani Power To Complete DB Power Acquisition At A Later Date

Adani Power on Monday announced in a BSE filing that the DB Power acquisition will be completed a month later, by 30 November 2022.

Both parties, Adani Power and DB Power, have mutually agreed for the proposed transaction to extend the long stop date to end of November from 31 October 2022.

In August, Adani Power had announced that it would buy thermal power plant operator DB Power for an enterprise value of Rs 70.17 billion (USD 879.14 million) as India's largest private thermal power producer looks to expand operations.

DB Power owns and operates a thermal power plant in the central Indian state of Chhattisgarh and the deal will help Adani expand its operations in the state.

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

In the last two years, DB power has posted a turnover of Rs 3,488 crore (in FY22); Rs 2,930 crore (for FY21).