The Competition Commission of India (CCI) said it has approved a proposal to acquire a 100 per cent stake in Coastal Energen Pvt Ltd by Adani Power Ltd and Dickey Alternative Investment Trust. Adani Power Ltd (APL), a part of the diversified Adani Group, is the leading private-sector thermal power producer in India.
The proposed transaction involves the acquisition of 100 per cent equity share capital of Coastal Energen Pvt Ltd (CEPL) by the acquirers (Dickey Alternative Investment Trust (DAIT) and APL), according to a release by fair trade regulator CCI.
DAIT is a Sebi-registered Alternative Investment Fund (AIF). It is acting through its investment manager Dickey Asset Management Pvt Ltd.
CEPL is engaged in the business of generation and sale of power. The company is undergoing a Corporate Insolvency Resolution Process (CIRP) under the insolvency and bankruptcy code.
The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices and promotes fair competition in the marketplace.
Source: Economic Times