Adani Power has been given the go-ahead to buy Lanco Amarkantak Power Company by the Indian Competition Commission. It is an event of great significance in the energy sector.
Adani Power hopes to acquire a 100% stake and unique control of Lanco Amarkantak Power by way of corporate insolvency resolution process initiated under India’s Insolvency and Bankruptcy Code, 2016 (IBC). Its thermal power generation entity is now in insolvency proceedings.
Adani Power’s resolution plan, approved by creditors on March 5, will give the company definite control over Thermal Power generation. Meanwhile, CCI stated that the proposed transaction would not lead to any significant adverse effect on competition in the relevant markets surrounding Thermal Power production within India at large.
Adani Power’s foray into Thermal Power generation complements its strategic targets in the energy space and strengthens its position as a significant player in India’s electric power sector.
In a parallel development, API has approved the purchase of shares in PharmEasy by a clutch of companies including MEMG Family Office LLP, which is controlled by Ranjan Pai, and 360 ONE Group. The PharmEasy company and its subsidiaries are engaged in the field of online healthcare service marketing.
