Adani Power cancels Rs 70 billion coal plant acquisition

Adani Power has informed the stock exchanges that it has cancelled its plan to take over a coal-fired power plant project in central India and that there will be no further developments in this regard.

Adani Power agreed to take control of DB Power for Rs 70.2 billion in August 2022. A month later, the acquisition was approved by the country's competition regulator.

Adani Power cancelled the acquisition of the coal plant.

After a long stop date expired on February 15, the company adani Group and DB Power mutually agreed not to proceed with the transaction. In the Indian state of Chhattisgarh, DB Power operates a 1.2 gigaton coal-fired power plant.

The acquisition of DB Power, which currently operates a 2x600 MW coal-fired power plant in Chhattisgarh's Janjgir Champa district, was expected to expand Adani Power's offerings and operations in the state's thermal energy sector.