Adani Power acquires DB Power for $7 billion
Adani Power Ltd, chaired by Gautam Adani, agreed to purchase the thermal power assets of DB Power Limited (DBPL) from Dainik Bhaskar Group on Friday.
Friday afternoon, both parties inked an all-cash arrangement. The MOU is valid through October 31, 2022, but may be extended by mutual agreement.
DB Power has 2 600-MW thermal facilities at Janjgir-Champa, Chattisgarh. Diliigent Power Private Limited (DBPL) holds 83.87% of Dainik Bhaskar's power business. GIP owns 16.13%.
Diligent Power is owned by 'Writers & Publishers Private Limited' and other promoters (54.46%), Warburg Pincus (19.22%), and TRG (The Rohatyn Group) (26.32%). It's provided DBPL's lenders with a corporate guarantee and promoter support. A team of specialists led by Mr. Girish Agarwal manages DBPL's daily operations.
DB Power has long and medium-term PPAs for 923.5 MW of its capacity, supported by Fuel Supply Agreements with Coal India Limited, and is running successfully. Global coal prices have cooled after tripling in the last year, putting May's import bill up 156% to $10.2 billion.
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