Adani Power Said to Scrap $850 Million Coal Plant Purchase

Adani Power Ltd. has called off its plan to acquire a coal plant project in central India, according to people familiar with the matter, as billionaire Gautam Adani looks to rein in spending and rebuild investor confidence in the wake of a bruising short seller report.

The Adani Group company and DB Power Ltd. mutually agreed not to proceed with the transaction after a long-stop date expired on Wednesday, said the people, who asked not to be identified as the information is private. DB Power operates a 1.2 gigawatt coal power project in the Indian state of Chhattisgarh.