The Competition Commission of India (CCI) has granted approval to Adani Power's acquisition of Lanco Amarkantak Power, according to an order issued by the antitrust regulator.
Adani Power intends to acquire a 100% stake and take control of the bankrupt Lanco Amarkantak Power following a corporate insolvency resolution process (CIRP), as stated by the CCI. Last month, reports indicated that Adani Power emerged as the winning bidder for the financially troubled firm, with a bid of Rs 4,101 crore.
The CCI's assessment concluded that the proposed transaction would not have a significant adverse impact on competition in any plausible relevant market in India. Therefore, the definition of the relevant market remains open, according to the CCI's statement.
The acquisition of Lanco Amarkantak, which operates two units of 300 megawatts of thermal power each in Chhattisgarh, will contribute to the expansion of Adani Power's capacity. This marks Adani Power's second acquisition of assets through the Insolvency and Bankruptcy Code (IBC) route in the current fiscal year, following its acquisition of Coastal Energen along with Dickey Alternative Investment Trust. Reports suggest that the winning bid for Coastal Energen amounted to approximately Rs 3,450 crore.
Adani Power, a significant player in the thermal power sector, operates plants across various states in India, including Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Jharkhand, and Madhya Pradesh.
