The Competition Commission of India (CCI) approved Adani Power Limited's acquisition of Lanco Amarkantak Power Limited

Description

The Competition Commission of India (CCI) approved Adani Power Limited, a subsidiary of the Adani Group, for the complete acquisition of Lanco Amarkantak Power Limited on March 26, 2024. Adani Power Limited would acquire 100% of Lanco Amarkantak Power Limited's equity share capital.

Key Points: Adani Power Limited (Acquirer)

• Thermal power generating takes place in several Indian states, including Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Jharkhand, and Madhya Pradesh.

• It is part of the Adani Group, a global integrated infrastructure company with holdings in resources, logistics, and energy.

Lanco Amarkantak Power Limited (Target)

• A part of the Lanco Group, largely focused on thermal power generating in India.

• Currently undertaking the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code of 2016 (IBC).

The Competition Commission Of India (CCI)

• The statutory authority responsible for enforcing the Competition Act, 2002, was established in March 2009.

• The Monopolies and Restrictive Trade Practices Act of 1969 (MRTP Act) was replaced based on the Raghavan committee's recommendations.

The Insolvency And Bankruptcy Code 2016 (IBC)

• One of the most important insolvency reforms in Indian economic history.

• Enacted to ensure the timely reorganization and insolvency resolution of corporate entities, partnership firms, and individuals.

Corporate Insolvency Resolution Process (CIRP)

• The IBC governs this process, which aims to resolve corporate debtors' financial difficulty while maximizing asset value.

• If revival is not possible, the goal is to liquidate financially impaired firms in an orderly manner.

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