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Gautam Adani’s company Adani Power has once again extended the deadline to buy DB Power. Now this deal will be completed by 15 January. Adani Power is ready to buy the property of this company (DB Power Property) for Rs 7017 crore. Earlier, the company had extended the deadline to December 31, 2022 to complete the deal with DB Power Ltd a month ago.
Adani Power said in a filing with BSE that both the parties have agreed to extend the deal till January 15, 2023. Although Adani Power has already given a date regarding the acquisition of the company, which was agreed upon by both the parties. Adani Power informed the exchanges in August that it would acquire DB Power.
Deal has been done with Coal India
DB Power owns and operates a 2×600 MW thermal power plant in district Janjgir Champa in Chhattisgarh. DB Power has long and medium term fuel supply deal with Coal India Ltd for 923.5 MW of its capacity. DB Power is operating the facilities properly under these agreements.
There was time to complete the deal by 31 October
Adani Group had said regarding the acquisition of DB Power that it could be completed by October 31, on which both the companies had agreed. However, it was also said that it can be extended with the consent of both. The enterprise value of DB Power was estimated at Rs 7,017 crore. It can also be increased or decreased later.
what does db power do
DB Power is engaged in the business of setting up, operation and maintenance of Thermal Power Generating Stations in Chhattisgarh. It was incorporated on 12 October 2006 under Registrar of Companies, Gwalior. During the last three financial years, DB Power has registered a turnover of Rs.3,488 crore.
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