The Competition Commission of India on Tuesday cleared Punjab State Power Corp.'s proposed acquisition of GVK Power (Goindwal Sahib) Ltd.
GVK Power (Goindwal Sahib) is a wholly-owned subsidiary of GVK Energy Ltd, which in turn is the subsidiary of GVK Power and Infrastructure Ltd.
The combination involves the acquisition of 100% stakeholding of GVK Power (Goindwal Sahib) Ltd. by PSPCL.
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'CCI approves the proposed acquisition of 100% shareholding of GVK Power (Goindwal Sahib) Limited by Punjab State Power Corporation Ltd,' the fair trade regulator said in a post on X.
In July last year, PSPCL had filed a bid to take over the 540 MW Goindwal thermal power plant in Tarn Taran after corporate insolvency proceedings were initiated against its owner GVK Power.
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Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
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