M&A

M&A

Undone: Adani pulls out of M&As for DB Power, SKS Power, PTC India, Future Retail

Business Standard  

The Adani group has withdrawn from a series of acquisition opportunities, including power plants, a retail firm, a power trader and road projects since January this year. The focus of the group is to conserve cash and prepay debt rather than acquiring new assets. Since January this year, the group withdrew from the race to acquire SKS Power, a stressed coal-based power plant in Chhattisgarh. In February, the group called off a plan to acquire DB Power's thermal power assets at an enterprise valuation of INR 7,000 crore. In the same month, it pulled out to make an offer to PTC India, a power trader. Later, the group did not make an offer for Future Retail after submitting its expression of interest to buy the asset via a joint venture company. Last week, Adani Enterprises announced that it will not go ahead with acquiring Macquarie group's two road companies at an enterprise valuation of INR 3,100 crore.