Fair trade regulator CCI on Tuesday granted approval for the acquisition of Lanco Amarkantak Power by PFC Projects, REC, SJVN and Damodar Valley Corporation. PFC Projects, which is into electricity generation and distribution, and REC, which is a non-banking financial company, are subsidiaries of Power Finance Corporation (PFC).
SJVN is mainly into hydroelectric power generation while DVC is a statutory corporation. The latter is engaged in the businesses of power generation, transmission, and water management.
The proposed combination relates to acquisition of 100 per cent shareholding of Lanco Amarkantak Power by PFC Projects, REC, SJVN and Damodar Valley Corporation (DVC), according to an official release.
Lanco Amarkantak Power Ltd is into power generation.
The Competition Commission of India (CCI) said it has approved the proposed deal.
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