November 03, 2024 02:51 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Andhra Pradesh: Three-year-old girl raped and murdered by relative in Tirupati | Two terrorists killed in encounter with security forces in Kashmir's Anantnag | Bengal: 5-year-old girl raped and murdered in Alipurduar, accused beaten to death by angry villagers | Kashmir: Encounter breaks out between security forces and terrorists in Srinagar | Mumbai Police initiates extradition process to bring back Lawrence Bishnoi's brother Anmol Bishnoi from US
CCI approves 100% acquisition of Lanco Amarkantak Power by Adani Power

CCI approves 100% acquisition of Lanco Amarkantak Power by Adani Power

| @indiablooms | 27 Mar 2024, 01:22 am

New Delhi: The Competition Commission of India (CCI) has approved the 100% acquisition of Lanco Amarkantak Power Limited by Adani Power Limited.

“The Adani Power Limited (Acquirer), a part of the Adani Group, is a company incorporated under the laws of India. The Acquirer is engaged in the business of thermal power generation in India,” CCI said in a statement.

The Acquirer operates its thermal power plants across multiple states in India, including Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Jharkhand and Madhya Pradesh, it added.

Adani group is a global integrated infrastructure player with businesses in key industry verticals - resources, logistics and energy.

The Lanco Amarkantak Power Limited (Target), a part of the Lanco Group, is engaged in the business of thermal power generation in India.

“The Target is currently undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC),” CCI said.

The proposed combination relates to the acquisition of 100% equity share capital of the Target by the Acquirer, it said.

On March 6, Adani Enterprises said in a stock exchange filing that its Dubai-based subsidiary, Ospree International FZCO, purchased full ownership of France's Le Marche Duty Free SAS (LMDF) for 5,000 euros.

LMDF was established in France on February 7, 2024, with the intention of conducting duty-free operations within the country. However, the company has not yet initiated its activities.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.