Adani group company Adani Power Ltd has decided to call off its plan to acquire DB Power Ltd, which owns and operates a 2x600MW (megawatt) thermal power plant in Janjgir Champa district of Chhatisgarh.
This comes at a time when the ports-to-energy conglomerate is battling fallout of a damning report by a US short-seller that alleged accounting fraud and stock manipulation, allegations that the Adani group has vehemently denied.
Gautam Adani-led Adani Power's planned Rs 7,017-crore acquisition of coal-based electricity generating units of DB Power Ltd has fallen as the deadline to complete the transaction expired without signing of the pact.