Adani Power cancels Rs 70 billion coal plant acquisition

20 Feb 2023 CW Team

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.

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