The Competition Commission of India (CCI) has approved the acquisition of Lanco Amarkantak Power by Adani Power, a subsidiary of the Adani Group. This acquisition marks Adani Power's second under the insolvency resolution process within the current financial year.
Lanco Amarkantak Power, a subsidiary of the Lanco Group, is currently undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC). The acquisition involves the purchase of 100% equity share capital of Lanco Amarkantak Power by Adani Power.
Lanco Amarkantak Power operates two units of 300 megawatt (Mw) of thermal power each in Korba district of Chhattisgarh. The company has a 600 Mw capacity tied up under long-term power purchase agreements with the state distribution companies of Haryana and Madhya Pradesh.
In a separate transaction, CCI has also approved the subscription to CCPS B of API Holdings by MEMG LLP and 360 ONE.