Adani Power to buy DB Power for $879 million

BENGALURU: Adani Power Ltd said on Friday it will buy thermal power plant operator DB Power for an enterprise value of $879.14 million as India’s largest private thermal power producer looks to expand operations.
DB Power owns and operates a thermal power plant in the state of Chhattisgarh and the deal will help Adani expand its operations in the state.
Adani Power is a unit of billionaire and Asia’s richest person Gautam Adani’s conglomerate Adani Group, which has businesses ranging from cement to cooking oil.
DB Power has long- and medium-term power purchase agreements for 923.5 megawatt of its capacity, backed by fuel supply agreements with Coal India Ltd and has been operating its facilities profitably, Adani Power said.