On March 26, 2024, the Competition Commission of India (CCI) granted approval to Adani Power Limited, a subsidiary of the Adani Group, for the complete acquisition of Lanco Amarkantak Power Limited. This acquisition involves the transfer of 100% equity share capital of Lanco Amarkantak Power Limited to Adani Power Limited.
Key Points
Adani Power Limited (Acquirer)
- Engaged in thermal power generation across various Indian states including Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Jharkhand, and Madhya Pradesh.
- Forms part of the Adani Group, a global integrated infrastructure player with interests in resources, logistics, and energy.
Lanco Amarkantak Power Limited (Target)
- A part of the Lanco Group, primarily focused on thermal power generation in India.
- Currently undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC).
Competition Commission of India (CCI)
- Statutory body responsible for enforcing the Competition Act, 2002, constituted in March 2009.
- Replaced the Monopolies and Restrictive Trade Practices Act, 1969 (MRTP Act) on the recommendations of the Raghavan committee.
Insolvency and Bankruptcy Code, 2016 (IBC)
- One of the most significant insolvency reforms in India’s economic history.
- Enacted for reorganization and insolvency resolution of corporate entities, partnership firms, and individuals in a time-bound manner.
Corporate Insolvency Resolution Process (CIRP)
- Governed by the IBC, aimed at resolving financial distress of corporate debtors while maximizing asset value.
- Objective includes revival of financially distressed companies or orderly liquidation if revival isn’t feasible.
Zomato to Replace JSW Steel on BSE Sense...
India’s Forex Reserves See Sharpest We...
DPIIT Approves Hinduja Group’s IIHL Ac...
