Mytrah in March announced plans to acquire the assets in the states of Tamil Nadu and Maharashtra – marking the first acquisition by the fast-growing London-listed company.
But today it said it would not proceed with the deal, which was subject to regulatory approval.
Mytrah said: “This decision was taken following discussions with the acquisition target’s current management, the lack of any increase in visibility regarding regulatory approval and due to certain due diligence findings remaining unresolved.”
Mytrah added that the funding earmarked for the deal remains in place and it is “currently evaluating a number of other target projects and acquisitions”.
The company said construction of the 238MW of new capacity at the core of its expansion plans is proceeding according to expectations.
Mytrah...
