Adani Power cancels Rs 70 billion coal plant acquisition
POWER & RENEWABLE ENERGY

Adani Power cancels Rs 70 billion coal plant acquisition

Adani Power has informed stock exchanges that it has cancelled its plan to acquire a coal plant project in central India, and that there will be no further developments in this regard.

Adani Power agreed to acquire control of DB Power in August 2022 for Rs 70.2 billion. A month later, the acquisition was approved by the country's competition regulator.

Adani Power cancelled the acquisition of the coal plant.

After a long-stop date expired on February 15, the Adani Group company and DB Power mutually agreed not to proceed with the transaction. In the Indian state of Chhattisgarh, DB Power operates a 1.2-gigatonne coal power plant.

The DB Power acquisition, which currently operates a 2x600 MW coal-fired power plant in Chhattisgarh's Janjgir Champa district, was expected to expand Adani Power's offerings and operations in the state's thermal power sector.

Also read:
ReNew to sell minority stake in C&I projects
Servokon enters the solar power market


Adani Power has informed stock exchanges that it has cancelled its plan to acquire a coal plant project in central India, and that there will be no further developments in this regard. Adani Power agreed to acquire control of DB Power in August 2022 for Rs 70.2 billion. A month later, the acquisition was approved by the country's competition regulator. Adani Power cancelled the acquisition of the coal plant. After a long-stop date expired on February 15, the Adani Group company and DB Power mutually agreed not to proceed with the transaction. In the Indian state of Chhattisgarh, DB Power operates a 1.2-gigatonne coal power plant. The DB Power acquisition, which currently operates a 2x600 MW coal-fired power plant in Chhattisgarh's Janjgir Champa district, was expected to expand Adani Power's offerings and operations in the state's thermal power sector. Also read: ReNew to sell minority stake in C&I projects Servokon enters the solar power market

Next Story
Infrastructure Energy

J&K CM Rules Out Power Privatisation, Focuses on Sector Reform

Jammu and Kashmir Chief Minister Omar Abdullah has dismissed speculation regarding privatisation of electricity in the Union Territory, emphasising that his priority is to strengthen and reform the power sector.“We are not discussing privatisation. By reducing losses, improving billing efficiency, and enhancing revenue, there will be no need for it. My vision is to strengthen and reform the power sector in J&K,” Abdullah stated.He addressed the gathering at the 58th Engineers’ Day at SKICC on Monday evening, an event honouring Bharat Ratna Sir M Visvesvaraya for his pioneering contri..

Next Story
Infrastructure Urban

Mumbai’s Sassoon Dock to Get Tech-Driven Modernisation with Finland

The Maharashtra government, in collaboration with Finland, will modernise Mumbai’s historic Sassoon Dock using advanced technology, state minister Nitesh Rane announced on Wednesday.Rane met a delegation of Finnish officials and representatives of Finnish companies at the dock to discuss strategic plans for upgrading the facility in south Mumbai, according to an official statement.Built in the 19th century, Sassoon Dock is one of Mumbai’s oldest and busiest fishing harbours. Operations currently exceed its original capacity, raising concerns over hygiene, odour, fish handling standards, an..

Next Story
Infrastructure Energy

Agarwal Industrial Wins Rs 3.3 Billion IOCL Bitumen Tender

Agarwal Industrial Corporation rose 3.84 per cent to Rs 945.65 after announcing it had secured a prestigious tender from Indian Oil Corporation (IOCL) worth Rs 3.3 billion.In a regulatory filing during market hours, the company confirmed it had won the tender to supply Bulk Bitumen (VG-30 and VG-40 grades) to IOCL’s Kakinada locations.The firm quantity under the award totals around 60,500 tonnes across 11 parcels, while the optional quantity is approximately 33,000 tonnes across six parcels. This brings the total awarded quantity to roughly 93,500 tonnes. At current market prices, the firm o..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?