BENGALURU -- Adani Group has called off a 70 billion rupee ($847 million) buyout of a coal-fired power plant operator crucial to the expansion of its electricity generation business in central India, signaling a cutback in spending after a short seller's criticism battered the conglomerate's market value and turned lenders cautious.
Adani Power agreed last August to buy DB Power. The Adani group member said at the time that DB had been operating facilities profitably, had long- and medium-term purchase agreements for 923.5 megawatts of its capacity, and logged revenue of 34.8 billion rupees for the fiscal year ended March 2022.
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