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CCI approves 100% acquisition of Lanco Amarkantak Power by Adani Power

CCI approves 100% acquisition of Lanco Amarkantak Power by Adani Power

| @indiablooms | 27 Mar 2024, 01:22 am

New Delhi: The Competition Commission of India (CCI) has approved the 100% acquisition of Lanco Amarkantak Power Limited by Adani Power Limited.

“The Adani Power Limited (Acquirer), a part of the Adani Group, is a company incorporated under the laws of India. The Acquirer is engaged in the business of thermal power generation in India,” CCI said in a statement.

The Acquirer operates its thermal power plants across multiple states in India, including Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Jharkhand and Madhya Pradesh, it added.

Adani group is a global integrated infrastructure player with businesses in key industry verticals - resources, logistics and energy.

The Lanco Amarkantak Power Limited (Target), a part of the Lanco Group, is engaged in the business of thermal power generation in India.

“The Target is currently undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC),” CCI said.

The proposed combination relates to the acquisition of 100% equity share capital of the Target by the Acquirer, it said.

On March 6, Adani Enterprises said in a stock exchange filing that its Dubai-based subsidiary, Ospree International FZCO, purchased full ownership of France's Le Marche Duty Free SAS (LMDF) for 5,000 euros.

LMDF was established in France on February 7, 2024, with the intention of conducting duty-free operations within the country. However, the company has not yet initiated its activities.

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