The Competition Commission of India (CCI) has approved the proposed acquisition of 100% shareholding of Lanco Amarkantak Power Limited by PFC Projects Limited, REC Limited, SJVN Limited and Damodar Valley Corporation.

The proposed combination relates to acquisition of 100% shareholding of Lanco Amarkantak Power Limited (LAPL) by PFC Projects Limited (PPL), REC Limited (REC), SJVN Limited (SJVN) and Damodar Valley Corporation (DVC). 

Acquirers

PPL is a wholly owned subsidiary of Power Finance Corporation Limited (PFC), a Government of India undertaking. PPL has been set up to, inter alia, carry out the business of power generation and distribution.

REC is a subsidiary of PFC. It is presently a non-banking financial company categorized as an infrastructure finance company by the Reserve Bank of India.

SJVN is a listed company held by the Government of Himachal Pradesh and public shareholders. At present, SJVN is implementing and operating projects in, inter alia, the States of Himachal Pradesh, Uttarakhand, Bihar, Maharashtra, and Uttar Pradesh in India

DVC is a statutory corporation set up under the Damodar Valley Corporation Act, 1948. It is engaged in the businesses of, inter alia, power generation, transmission, and water management in India.

Target

LAPL is an unlisted public limited company engaged in power generation in India.

Detailed order of the CCI will follow.

Merger control approval for acquisition of Lanco Amarkantak by four public power entities, clearance announced. The Competition Commission of India approved a proposed combination in which four public-sector entities-a power project subsidiary of a central finance undertaking, a finance company subsidiary, a listed state-held power developer, and a statutory river-valley corporation-will acquire complete shareholding of an unlisted public company engaged in power generation; a detailed CCI order will follow.