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The deadline for completing the ₹7,017 crore deal to buy the thermal power assets of DB Power Ltd. has been extended by one month, to 31 December, 2022, according to a statement from Adani Power on Monday. The company had previously pushed back the deadline for completion by one month, to 30 November, 2022.
“Parties to the proposed transaction have mutually agreed to further extend the long stop date as December 31, 2022, for achieving the closing/completion,” a BSE filing said.
An operational 2×600 MW thermal power plant owned and operated by DB Power Ltd (DB Power) in the Chhattisgarh district of Janjgir Champa will be acquired by Adani Power, the company informed the stock exchanges earlier in August of this year.
DB Power operates its facilities profitably and has long- and medium-term power purchase agreements in place for 923.5 MW of its capacity. These agreements are supported by fuel supply agreements with Coal India Ltd.
The MOU’s initial term is up until 31 October, 2022, but it may be extended if both parties agree, according to the original language. It had stated that DB Power’s enterprise value was projected to be ₹7,017 crore, subject to changes on the closing date.
The construction, management, and upkeep of a thermal power generating facility in Chhattisgarh is the business of DB Power. Registrar of Companies, Gwalior, where it was incorporated on 12 October, 2006.
The revenue generated by DB Power over the course of the previous three fiscal years was ₹3,488 crore (for FY 2021–22), ₹2,930 crore (for FY 2020–21), and ₹3,126 crore (for FY 2019–20), respectively.
The DPPL (Diliigent Power Pvt Ltd) is the holding company of DB Power.
(With inputs from PTI)
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