Shares of Adani Power Ltd were trading in the green and 4% higher on 27 March after the Competition Commission of India (CCI), the fair-trade regulator, gave approval to Adani Power’s proposed acquisition of Lanco Amarkantak Power.
Through the Corporate Insolvency Resolution Process (CIRP), Adani Power has offered to assume complete control and ownership of Lanco Amarkantak Power in accordance with the Insolvency and Bankruptcy Code, 2016 (IBC). The producer of thermal power is Lanco Amarkantak Power.
The CCI order said, “The proposed combination relates to the acquisition of 100% equity share capital of the target by the acquirer.”
On 5 March, Adani Power declared that the creditors had approved the resolution plan for the purchase of Lanco Amarkantak Power. According to CCI, there would be no appreciable negative effects of the transaction on competition in any plausibly relevant Indian market.
On 26 March, the company announced a new suit involving a petition filed by the Maharashtra State Electricity Distribution firm (MSEDCL) with the Maharashtra Electricity Regulatory Commission (MERC) for the calculation of domestic coal transportation costs.
At 12:35 pm, the shares of Adani Power were trading 2.77% higher at Rs 536.25 on NSE.
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