Private Equity

PE Fund Investments

Adani Power to acquire DB Power in Rs.7,017-Cr deal

BSE Announcement   Economic Times  

Publicly listed Adani Power Ltd has agreed to buy the thermal power assets of DB Power Ltd (DBPL) from Dainik Bhaskar Group in an all cash deal at an enterprise valuation of INR 7,017 crore. DB Power has 2 units of 600 MW each of thermal power in Chhattisgarh. DB Power had reported a turnover of INR 3,488 crore for FY22 with a debt of INR 5,500 crore on its books. Arpwood was the advisor to the deal. The deal is expected to be completed by October 2022. Diliigent Power Pvt Ltd owns 83.87% of DB Power Ltd, with PE fund Global Infrastructure Partners (GIP), holding the remaining 16.13%. It has power purchase agreements (PPAs) for 923.5 mw of its capacity backed by fuel supply agreements with Coal India Ltd. Diliigent Power Pvt Ltd in turn is held by Writers & Publishers Pvt Ltd and other individual promoters (collectively holding 54.46%), Warburg Pincus (19.22%) and TRG (The Rohatyn Group ) which owns another 26.32%.

From the Venture Intelligence PE-VC Deal Database: Between May-2011 and Jan-2015, Diligent Power had raised over USD 380 M from Warburg Pincus, JP Morgan and IDFC PE (now owned by GIP).