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Adani Power had, in August last year, announced the Rs 7,017 crore-deal to acquire DB Power. However, it kept pushing the deadline to complete the acquisition.
In August this year, Adani Power had informed the bourses that it has agreed to acquire DB Power, which owns and operates a running 2×600 MW thermal power plant at district Janjgir Champa in Chhattisgarh.
"The parties (Adani Power and DB Power) to the proposed transaction have mutually agreed to extend the long stop date as 30th November 2022, or achieving the closing/completion," a BSE filing stated.
Adani Power is a publicly listed company with eight operational power plants in India.
The acquisition is expected to help the company expand its offerings and operations in the thermal power sector in Chhattisgarh.
While CIL and its subsidiaries were found to be dominant in the relevant market in earlier cases, the Commission said no case of abuse of dominance by opposite parties is there.
Monnet Power has also one another coal block which is Mandakini in JV with Jindal India Thermal plant. It also has plans to expand 660 megawatt capacity in the power sector.
The coal ministry has ordered deduction of bank guarantee in the case of DB Power while deallocating coal blocks of some firms. In the case of DB Power, the IMG (inter-ministerial group) has recommended the deduction of bank guarantee to the extent of Rs 5.1 crore.
