Adani Group’s: Adani Power shares: Adani Power had earlier told in August 2022 that it has entered into an agreement for the takeover of DB Power Ltd. Adani Power-DB Power Deal: The crisis of Adani Group is not taking its name. Now group company Adani Power Ltd. (Adani Power Ltd.) could not complete the deal to buy the thermal power assets of DB Power for Rs 7,017 crore. Adani Power told the stock market, ‘We want to inform you that the last date has passed under the agreement on 18 August 2022.’
1200 MW thermal power plant(Adani Group’s)
— The Telegraph (@ttindia) February 16, 2023
Adani Power had earlier told in August 2022 that it has entered into an agreement for the takeover of DB Power Ltd. The company has a thermal power plant of 1200 MW capacity in Chhattisgarh. Adani Power did not respond to queries regarding the current status of the deal till the filing of this report.
MoU was done on 31 October 2022
Significantly, the American firm Hindenburg Research has accused the Adani Group’s of fraud. Opposition parties also raised this issue in Parliament and demanded an inquiry by the Joint Parliamentary Committee. After the Hindenburg report, there was a sharp decline in the shares of the Adani Group. The initial MoU for the acquisition of DB Power took place on 31 October 2022. After this, the last date for completing the deal has been extended four times.