Adani Power Deal: Adani Group is suffering from financial crisis! 7017 crore acquisition deal cancelled –

Adani Power Deal: 2023 doesn’t seem to be going well for the Adani Group. After the Hindenburg report at the end of January, this time the shock is in the acquisition of DB Power. It is known that the Adani Group has withdrawn from the Adani Power and DB Power deal. This information from Adani Power but the fact is that Adani’s deadline for acquiring DB Power has passed. The deadline for completing this deal was January 15.

In August 2022, Adani Power announced the acquisition of DB Power. But ultimately the deal did not materialize within the term of Adani Power. Note that this deal was postponed several times before. In the end, the group walked the path of missing out on the acquisition.

The acquisition deal between Adani Power and DB Power was valued at Rs 7017 crore. The initial deadline for completing the deal was October 31, 2022. Later it was extended till November. That period was extended once again to 31 December and finally to 15 January 15. But in the end this acquisition deal was cancelled.

Incidentally, this DB Power is a subsidiary of Dainik Bhaskar Group of Madhya Pradesh. Currently this power company is running a 2×600 MW power plant in Champa district of Janggi in Chhattisgarh. Adani Group’s plan was to expand its business in Chhattisgarh by acquiring DB Power.

The Adani Group decided to cancel the acquisition at a time when the Hindenburg Report rocked the Adani empire. Since January 24 this year, the Adani Group has divested Rs 10 lakh crore into the company’s shares. While Adani Enterprises managed to turn around a bit recently, the rest of the stocks failed to show a bullish trend.

Adani Power’s recent quarterly results are also not encouraging. Adani Power’s results for the December 2022 quarter are quite disappointing. The company’s net profit fell by 96% to Rs 8.77 crore. It is said that the net profit has decreased due to heavy expenses of the company. Adani Power’s net profit was Rs 218.49 crore in the December quarter a year ago.

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