Adani Power proposed to acquire 100% share capital and control of Lanco Amarkantak Power
New Delhi:
Fair trade regulator Competition Commission of India (CCI) approved the proposed acquisition of Lanco Amarkantak Power by Adani Power.
Adani Power proposed to acquire 100% share capital and control of Lanco Amarkantak Power, in accordance with the corporate insolvency resolution process (CIRP) initiated under the Insolvency and Bankruptcy Code, 2016 (IBC), according to a press release.
The bankrupt Lanco Amarkantak Power is engaged in the generation of thermal energy.
On March 5, Adani Power announced that it had received creditor approval for its resolution plan to acquire insolvent Lanco Amarkantak Power.
“The proposed transaction will not result in an appreciable adverse effect on competition in any plausible relevant market in India,” CCI said.
Adani Power is engaged in thermal energy generation in India.
In another press release, CCI said it has approved proposals to buy shares in PharmEasy by several entities, including Ranjan Pai’s MEMG Family Office LLP and 360 ONE Group.
API Holdings, through its subsidiaries, is engaged in providing healthcare services through the online e-commerce marketplace PharmEasy.
The proposed transactions provide for the subscription of mandatory class B convertible preference shares of the Target (API Holdings Ltd) by the acquirers (MEMG LLP and 360 ONE Group), as indicated in the press release.
360 One is a Sebi registered alternative investment fund. It is managed by the investment manager, AML. The latter provides investment management services to institutions of 360 ONE Mutual Fund and alternative investment funds of the 360 ONE Group.
MEMG Family Office LLP (MEMG LLP) is engaged in providing consultancy and advisory services to clients in India and ultimately belongs to the Pai Family Group.
Deals above a certain threshold require approval from the regulator, which monitors unfair trade practices and promotes fair competition in the market.
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