Shares of Adani Power Limited traded more than 4 percent higher in the early trade on March 27 after the fair trade regulator Competition Commission of India (CCI) granted approval to the company's proposed acquisition of Lanco Amarkantak Power.
Adani Power proposes to acquire 100 percent share capital and control of Lanco Amarkantak Power, pursuant to the corporate insolvency resolution process (CIRP) initiated under the Insolvency and Bankruptcy Code, 2016 (IBC). Lanco Amarkantak Power is into thermal power generation.
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"The proposed combination relates to the acquisition of 100 percent equity share capital of the target by the acquirer," the CCI order said.
Adani Power announced on March 5 it got the approval from the creditors for the resolution plan to acquire Lanco Amarkantak Power. CCI said the transaction would not have a significant adverse impact on competition in any plausible relevant market in India.
On March 26, the company disclosed a new litigation involving a petition filed by the Maharashtra State Electricity Distribution Company (MSEDCL) with the Maharashtra Electricity Regulatory Commission (MERC). The petition pertains to the calculation of domestic coal transportation costs.
At 9.25 am, the stock was trading at Rs 541 on the National Stock Exchange, up 3.7 percent from the previous close. The Adani Power share price has surged a massive 185 percent in the last year.
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