Adani Power’s Rs 7,000 crore deal to buy DB Power assets falls through

Earlier in August 2022, Adani Power had informed the bourses that it has agreed to acquire DB Power Ltd (DB Power), which owns and operates a running 2×600 MW thermal power plant at district Janjgir Champa in Chhattisgarh.

Also Read | What government-Adani relationship says about Indian capitalism

Queries regarding the status of the deal sent to Adani Power did not elicit any response.

This assumes significance in view of allegations of fraud against Adani group by the US-based short-seller Hindenburg Research.

This issue rocked Parliament also earlier this month and opposition had demanded Joint Parliamentary Committee as well as a Supreme Court monitored probe into the issue.

The initial term of the MOU (memorandum of understanding) was October 31, 2022. Later the deadline for the transaction got four extensions till November 30, 2022, December 31, 2022, January 15, 2023 and February 15, 2023.

DB Power is engaged in the business of establishing, operating and maintaining a thermal power generating station in Chhattisgarh.

Also Read | Adani’s flagship swings to profit amid short seller battle

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

From the homepage

Baba Siddique murder main plotter Anmol Bishnoi being brought to Delhi on Wednesday: Sources

From dismal Jan Suraaj show to retirement rumours: What Prashant Kishor said at first public address since Bihar poll drubbing

‘No justification for terrorism’: EAM Jaishankar days after Delhi’s Red Fort blast