On Tuesday, the Competition Commission of India (CCI) approved Adani Power Ltd and Dickey Alternative Investment Trust's proposal to acquire a 100% stake in Coastal Energen Pvt Ltd. Adani Power Ltd (APL), part of the diversified Adani Group, is India's largest private-sector thermal power producer.
According to a release from fair trade regulator CCI, the proposed transaction involves the acquisition of 100% of the equity share capital of Coastal Energen Pvt Ltd (CEPL) by the acquirers (Dickey Alternative Investment Trust (DAIT) and APL).
DAIT is a SEBI-registered Alternative Investment Fund (AIF). It is acting through its investment manager, Dickey Asset Management Pvt Ltd.
CEPL generates and sells power. The company is currently undergoing a Corporate Insolvency Resolution Process (CIRP) under the insolvency and bankruptcy code.
Deals that exceed a certain threshold require regulatory approval, which helps to prevent unfair business practices and promotes fair competition in the marketplace.
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