Fair trade regulator Competition Commission of India on Thursday approved the acquisition of 100% equity of Diliigent Power and DB Power by Adani Power Ltd.
The proposed combination relates to the acquisition of the 100% of the share capital and economic rights of Diliigent Power and DB Power by Adani Power, according to an official release.
In August, Adani Power said it will acquire DB Power Ltd., which owns and operates a 2x600 MW thermal power plant at Janjgir-Champa district in Chhattisgarh, at an enterprise value of Rs 7,017 crore for cash consideration.
Diliigent Power is primarily engaged in the activities of a holding company.
DB Power operates a coal-based thermal power plant with an installed capacity of 1,200 MW per hour in Chhattisgarh.
Adani Power is a publicly listed company with eight operational power plants in India.
Deals beyond certain thresholds require approval from CCI which keeps a tab on anti-competitive practices.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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