Adani Power

Latest news | Adani Powerwer Extends Timeline to Complete DB Power Acquisition Till December 31 | Rare Techy


New Delhi, Nov 30 (PTI) Adani Power on Monday said the timeline for completion of the Rs 7,017-crore deal to acquire DB Power Ltd’s thermal power assets has been extended by a month to December 31, 2022.

Earlier, the company had extended the timeline for completion by a month to November 30, 2022.

Also Read | TNEB Aadhaar Linking Status: How To Check Online If Your UIDAI Number Is Linked With TANGEDCO E-Bill.

“The parties to the proposed transaction have agreed to extend the long-term termination date to December 31, 2022, to achieve closing/completion,” a BSE filing said.

Earlier in August this year, Adani Power has informed the exchange that it has agreed to acquire DB Power Ltd (DB Power), which owns and operates a 2×600 MW thermal power plant running in Janjgir Champa district in Chhattisgarh.

Also Read | What Is a Zombie Virus? Know All About the 48,500-Year-Old Pandoravirus Yedoma Yedoma, Revived by French Scientists, Which Raises Fears of Another Pandemic.

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

The initial period of the MOU (memorandum of understanding) will be until October 31, 2022, which can be extended by mutual agreement, he said.

The enterprise value of DB Power is estimated at Rs 7,017 crore, subject to adjustment on the closing date, it said.

DB Power is engaged in the business of establishing, operating and maintaining a thermal power generating station in Chhattisgarh. Established on 12 October 2006 under the Registrar of Companies, Gwalior.

DB Power’s turnover for the past three financial years has been recorded at Rs 3,488 crore (for FY 2021-22); Rs 2,930 crore (for FY 2020-21) and Rs 3,126 crore (for FY 2019-20), respectively.

DPPL (Rajin Power Pvt Ltd) is the parent company of DB Power.

(This is an unedited story and is automatically generated from the Syndicated News feed, LatestLY Staff may not modify or edit the content body)


Source link

Related Articles

Back to top button