The Competition Commission of India (CCI) has approved acquisition of 100% share capital of GVK Energy Limited (Target) by Adani Power Limited (Acquirer).

The Proposed Combination involves the acquisition of 100% share capital and control of the Target by the Acquirer pursuant to the corporate insolvency resolution process initiated under the Insolvency and Bankruptcy Code, 2016, in respect of the Target.

The Acquirer is a public company incorporated in India with its shares listed on BSE Limited, as well as the National Stock Exchange of India Limited. The Acquirer is a private thermal power producer in India and operates thermal power plants spread across power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, Jharkhand, and Tamil Nadu, apart from a 40 MW solar power plant in Gujarat.

The Target, a public limited company, was set up as a subsidiary of GVK Power and Infrastructure Ltd. The Target, through its subsidiary viz., AHPL, is engaged in the generation of power from a 330 MW hydroelectric power project in Srinagar, Uttarakhand. The operation and maintenance services to AHPL are provided by the Target.

Detailed order of the Commission will follow.

Competition Commission approval of acquisition and control of GVK Energy by Adani Power under insolvency resolution. Competition Commission of India approved the acquisition of 100% share capital and control of GVK Energy Limited by Adani Power Limited pursuant to the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016. The proposed combination relates to change in ownership and control of the Target in the context of insolvency resolution. Adani Power Limited is a listed thermal power producer, while GVK Energy Limited is engaged in hydroelectric power generation through its subsidiary AHPL and provides operation and maintenance services to AHPL.