Deal for DB Power assets at Rs 70.17 billion by Adani Power falls

The initial agreement between Adani Power and DB Power to buy their thermal power assets expired, which led to the Rs 70.17 billion deal falling through. Adani Power stated that the lengthy stop date under the memorandum of understanding scheduled August 18, 2022, has passed. In August 2022, the Adani group company told the stock exchanges that it has reached an agreement to purchase the mentioned DB Power assets. A 2x600 MW thermal power plant owned and operated by DB Power is located in the Chhattisgarh district of Janjgir Champa. The initial duration of the MOU (memorandum of understanding) was October 31, 2022. Eventually, the transaction's deadline was extended four times, this time until November 30, 2022, December 31, 2022, January 15, 2023, and February 15, 2023. Also read: Bhakra Beas Board seeks bids for solar power projects totaling 11.5 MW Power minister approves two-year ALMM exemption for solar projects