Adani Power to buy DB Power for $879 million

BENGALURU: AdaniPowerLtd said on Friday it will buy thermal power plant operatorDB Powerfor 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.

Adani Power has an installed capacity of 12,450 MW and its power projects are spread across the states of Gujarat, Maharashtra, Rajasthan, Karnataka and Chhattisgarh, according to its website.