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Adani Drops DB Power’s Acquisition

Adani Power’s Rs. 7,017 crore acquisition of DB Power’s thermal power assets has been called off.

In a regulatory filing dated 15th February 2023, the company said, “We wish to inform that the long stop date under the Memorandum of Understanding dated August 18, 2022, has expired”.

As per the MoU, the transaction for the acquisition of DB Power’s thermal power assets in Chhattisgarh was supposed to be completed by 31st October 2022. However, this deadline was extended multiple times, and the last extension of this date expired on 15th February 2023.