Adani Power Extends Deadline For DB Power Acquisition

Adani Power Ltd. said the deadline to complete the acquisition of DB Power Ltd. and its holding company has been extended to 15 January 2023.

The parties to the proposed transaction mutually agreed to further extend the long stop date to achieve the closing, the Indian power producer said in a stock exchange announcement. The previous deadline was 31 December 2022.

The company received the approval of the Competition Commission of India (CCI) in September 2022 to acquire DB Power and its parent Diliigent Power Private Ltd. after announcing the proposed deal in August.

Adani Power had agreed to acquire DB Power and Diliigent Power at an enterprise value of 7,017 crore rupees ($847.26 million).

DB Power operates a coal-based thermal power plant, with an installed capacity of 1200-megawatt per hour in Chhattisgarh state.

(Note: $1 = 82.8199 Indian rupees).