Adani Power’s Lanco Amarkantak Power Acquisition Approved By CCI
The Competition Commission of India (CCI) has given its approval for Adani Power's acquisition of Lanco Amarkantak Power, as per an order issued by the antitrust regulator.
Adani Power is looking to procure a 100 per cent stake and control of the financially distressed Lanco Amarkantak through the corporate insolvency resolution process (CIRP). Reports indicate that Adani Power secured the bid for Lanco Amarkantak with an offer of Rs 4,101 crore.
According to the CCI's assessment, the proposed transaction is not expected to result in any appreciable adverse effect on competition in relevant markets within India. Consequently, the specific delineation of the relevant market remains open for consideration. The acquisition of Lanco Amarkantak, which possesses two units of 300 megawatts of thermal power each in Chhattisgarh, is anticipated to further augment Adani Power's operational capacity.
This acquisition represents Adani Power's second foray into acquiring assets through the Insolvency and Bankruptcy Code (IBC) route in the current fiscal year. Earlier, Adani Power successfully acquired Coastal Energen in collaboration with Dickey Alternative Investment Trust, with reports suggesting a winning bid of approximately Rs 3,450 crore.
Adani Power maintains a significant presence across multiple states in India. Its operational footprint spans regions such as Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Jharkhand and Madhya Pradesh.
