Adani Power calls off Rs 70 bn coal plant purchase

February 22, 2023 13:25

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.

In August 2022, Adani Power agreed to take control of DB Power at an enterprise value of Rs 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.

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 2x600 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. -- ANI

« Back to LIVE

TOP STORIES

Ferry tragedy shocks Mumbai; 13 killed, 99 rescued

Two passengers died and 75 others were rescued after a speed boat crashed into a ferry off the Mumbai coast. The ferry, carrying 80 passengers and five crew members, was on its way to Elephanta Islands when the speed boat circled it...

I jumped into sea: Passenger recounts ferry mishap

Thirteen people died and 99 others were rescued after a Navy speed boat crashed into a ferry off the Mumbai coast on Wednesday afternoon. The ferry was on its way to Elephanta Island, a popular tourist attraction near Mumbai....

Sombre shadow over Gateway of India after ferry mishap

A boat tragedy off the Mumbai coast, which claimed the lives of 13 people, including Navy personnel, has cast a sombre mood over the city's iconic Gateway of India. Tourist boats that usually remain brightly lit until late at night were...

'A GOAT Retires'

'I do feel there's a bit of punch left in me as a cricketer, but I would like to ... showcase that in club level cricket.'

'He deserved a much better farewell'

With 765 international scalps in his bag, Ashwin is the second-highest wicket-taker from India after Anil Kumble.