The initial agreement between Adani Power and DB Power to buy their thermal power assets expired, which led to the Rs 7,017 crore deal falling through. Adani Power stated in a regulatory filing that the extended stop date under the memorandum of understanding scheduled August 18, 2022, has passed. In August 2022, the Adani group company told the stock exchanges that it has reached an agreement to purchase the
mentioned DB Power Ltd. assets. A 2x600 MW thermal power plant owned and operated by DB Power is located in the Chhattisgarh district of Janjgir Champa. The initial duration of the MOU (memorandum of understanding) was October 31, 2022, according to a PTI report. Later, the transaction's deadline was extended four times, this time until November 30, 2022, December 31, 2022, January 15, 2023, and February 15, 2023.
The Adani Group has been accused of fraud and other irregularities, according to a flurry of accusations made by US-based short-seller Hindenburg Research. The opposition has demanded a Joint Parliamentary Committee and a Supreme Court-supervised investigation of the Adani situation, which has sparked contentious debates in Parliament.
For 923.5 MW of its capacity, DB Power has long- and medium-term power purchase agreements, which are supported by fuel supply arrangements with Coal India Ltd. The business has been successfully running its facilities.
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