Adani Power

Adani Power extended the timeline to acquire DB Power’s assets to November 30 | Rare Techy


Timeline for completion of 7,017-crore deal to acquire DB Power Ltd’s thermal power assets has been extended by a month to November 30, 2022, Adani Power said on October 31 in a regulatory filing.

“The parties (Adani Power and DB Power) to the proposed transaction have agreed to extend the long stop date to November 30, 2022, or achieve closure/completion,” said a BSE filing.

In August, Adani Power had informed the stock exchanges that it had agreed to acquire DB Power Ltd (DB Power), which owns and operates a 2×600 MW thermal power plant in Janjgir Champa district of Chhattisgarh.

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Supported by a fuel supply agreement with Coal India Ltd., DB Power has a long-term and medium-term power purchase agreement for 923.5 MW capacity and has been operating its facilities profitably.

The initial term of the MOU (memorandum of understanding) will be until October 31, 2022, which can be extended by mutual agreement, it stated, adding, the enterprise value of DB Power is estimated at 7,017 crore, subject to adjustments on the closing date.

Engaged in the business of establishing, operating and maintaining thermal power generating stations in Chhattisgarh, DB Power was incorporated on 12 October 2006 under the Registrar of Companies, Gwalior.

During the last 3 financial years, DB Power’s turnover has been recorded in 3,488 crore (for FY 2021-22); 2,930 crore (for FY 2020-21) and 3,126 crore (for FY 2019-20), respectively. DPPL (Rajin Power Pvt Ltd) is the parent company of DB Power.

With PTI input.

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