The Competition Commission of India (CCI) on Thursday said it has approved the acquisition of 100 per cent share capital of Diligent Power Private Limited and DB Power Limited by Adani Power Limited.
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The Competition Commission of India (CCI) on Thursday said it has approved the acquisition of 100 per cent share capital of Diligent Power Private Limited and DB Power Limited by Adani Power Limited.
The proposed combination involves the acquisition of 100 per cent of the share capital and economic rights of Diligent Power Private Limited and DB Power Limited by Adani Power Limited, the CCI said in a statement.
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The Acquirer (Adani Power Limited) is a public listed company incorporated in India with its shares listed on BSE Limited as well as the National Stock Exchange of India Limited.
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The Acquirer is a power company with eight operational power plants in India. It has power generation capacity of 13,650 MW comprising thermal power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, and Chhattisgarh and a 40 MW solar power project in Gujarat.
Diligent Power is primarily engaged in the activities of a holding company. It also provides project management and consultancy services, limited to DB Power.
DB Power operates a coal-based thermal power plant with an installed capacity of 1200 MW per hour in Chhattisgarh.
Last month, Adani Power Limited announced that it would acquire DB Power for Rs 7,017 crore.
DB Power Limited owns and operates a 2×600 MW thermal power plant at district Janjgir Champa in Chhattisgarh, and has a turnover of Rs 3,488 crore for FY 2021-22. DB Power is engaged in the business of establishing, operating, and maintaining thermal power generating stations.
Diligent Power Private Limited (DPPL) is the holding company of DB Power and has a turnover of Rs 0.19 crore for FY 2021-22.
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