Rs 7,017-crore Adani Power deal to acquire DB Power assets falls through
Adani Power’s initial pact to acquire the thermal power assets of DB Power has expired, causing the Rs 7,017-crore deal to fall through.
“We wish to inform that the long stop date under the memorandum of understanding dated August 18, 2022, has expired,” Adani Power said in a regulatory filing on Wednesday.
The Adani group company had informed the bourses in August 2022 that it had agreed to buy the said assets of DB Power Ltd.
DB Power owns and runs a 2×600 MW thermal power plant in Janjgir Champa district of Chhattisgarh.
According to a PTI report, 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.
This comes amid swirling allegations of fraud and other irregularities by the Adani Group levelled by the US-based short-seller Hindenburg  ..
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