Mumbai (Maharashtra) [India], August 19 (ANI): Adani Power Limited on Friday said it has agreed to acquire DB Power Limited, which owns and operates a running 2x600 MW thermal power plant at District Janjgir Champa in Chhattisgarh, for Rs 7,017 crore.
"This is to inform that Adani Power Limited has agreed to acquire DB Power Limited, which owns and operates a running 2x600 MW thermal power plant at District Janjgir Champa in Chhattisgarh," Adani Power said in a regulatory filing to the stock exchanges.
DB Power has long and medium-term Power Purchase Agreements for 923.5 MW of its capacity, backed by Fuel Supply Agreements with Coal India Limited, and has been operating its facilities profitably, it said.
On the cost of acquisition, the company said, "enterprise value of Rs 7,017 crore, subject to adjustments on the closing date."
The proposed transaction is subject to receipt of approval from the Competition Commission of India and any other approvals as may be identified following the due diligence exercise to be conducted with respect to DPPL and DB Power.
DB Power Limited ("DB Power") owns and operates a 2x600 MW thermal power plant at district Janjgir Champa in Chhattisgarh, and has a turnover of Rs 3,488 crore for FY 2021- 22. DB Power is engaged in the business of establishing, operating, and maintaining thermal power generating stations.
Diliigent Power Private Limited (DPPL) is the holding company of DB Power, and has a turnover of Rs 0.19 crore for FY 2021-22. (ANI)