CCI Approves Adani Power's Proposed Acquisition Of GVK Energy Under IBC Resolution Process

The Competition Commission of India has approved Adani Power Limited's proposed acquisition of 100% share capital and control of GVK Energy Limited. The transaction arises from the corporate insolvency resolution process initiated against GVK Energy under the Insolvency and Bankruptcy Code, 2016.

Listed on the BSE and NSE, Adani Power is a private thermal power producer. Its plants are spread across Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, Jharkhand, and Tamil Nadu. It also operates a 40 MW solar power plant in Gujarat.

GVK Energy is a public limited company that was set up as a subsidiary of GVK Power and Infrastructure Limited. Through its subsidiary AHPL, it is engaged in the generation of power from a 330 MW hydroelectric project in Srinagar, Uttarakhand. GVK Energy also provides operation and maintenance services to AHPL.

CCI said a detailed order will follow.