Adani Power, the country’s largest thermal power generator, will acquire DB Power for an enterprise value of Rs 7,017 crore.
DB Power, a Bhaskar Group-promoted company, owns and operates two thermal power plants with capacity of 600 MW each in Chhattisgarh.
With this deal, Adani Power’s installed thermal capacity would go up to 14,810 MW from 13,610 MW at present. A further 1,600 MW capacity is under construction. At its annual general meeting, the company had said the aim is to achieve a capacity of 16,850 MW by 2028.
DB Power has a long- and medium-term power purchase agreement for 923.5 MW of its capacity, backed by fuel supply pacts with Coal India. In FY22, it saw turnover of Rs 73,448 crore.
Adani Power’s consolidated revenues in FY22 were 13 per cent higher at Rs 31,686 crore, driven by improved merchant tariff and higher prior period income recognition. Its profit after tax was Rs 4,912 crore compared with Rs 1,240 crore a year ago. Its operations are spread across Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh and Madhya Pradesh. FE