The Competition Commission of India on Tuesday approved Adani Power’s acquisition of Lanco Amarkantak Power, according to an order by the antitrust regulator.
Adani Power proposes to acquire a 100% stake and control of bankrupt Lanco Amarkantak following a corporate insolvency resolution process (CIRP), the CCI said. Last month, Adani Power reportedly won the bid for the debt-laden firm for Rs 4,101 crore.
“The proposed transaction does not result in an appreciable adverse effect on competition in any plausible relevant market in India. Accordingly, the definition of the relevant market may be left open,” the CCI said.
The acquisition of Lanco Amarkantak, which has two units of 300 megawatt of thermal power each in Chhattisgarh, would further expand Adani Power’s capacity. It was Adani Power’s second acquisition of assets through the IBC route this fiscal after its purchase of Coastal Energen along with Dickey Alternative Investment Trust. Reports suggest the winning bid for Coastal Energen was to the tune of Rs 3,450 crore.
Adani Power, a key thermal power player, has plants across states, including Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Jharkhand and Madhya Pradesh.
Source: Economic Times