Adani Power's Rs 7,000 Crore Deal To Buy DB Power Assets Falls Through
NDTV
"We wish to inform that the long stop date under the memorandum of understanding dated August 18, 2022, has expired," Adani Power said in an exchange filing on Wednesday, without providing any information about the extension of dates or agreement renegotiation.
Gautam Adani-led Adani Power's planned Rs 7,017-crore acquisition of coal-based electricity generating units of DB Power Ltd has fallen as the deadline to complete the transaction expired without signing of the pact.
"We wish to inform that the long stop date under the memorandum of understanding dated August 18, 2022, has expired," Adani Power said in an exchange filing on Wednesday, without providing any information about the extension of dates or agreement renegotiation.
The announcement of the expiry of the long-stop date essentially implies that the acquisition is off for now.
The date to complete the process of acquisition of DB Power was extended four times after the initial deal was signed in August last year.
