CCI approves Adani Power’s acquisition of insolvent Lanco Amarkantak Power

The Competition Commission of India (CCI), which oversees fair trade, approved Adani Power’s proposed acquisition of Lanco Amarkantak Power on Tuesday.

In accordance with the corporate insolvency resolution procedure (CIRP) started under the Insolvency and Bankruptcy Code, 2016 (IBC), Adani Power intends to purchase 100% of the shares and control of the Lanco Amarkantak Power, according to a release. Thermal power generating is the business of insolvent Lanco Amarkantak Power.

“The proposed transaction does not result in an appreciable adverse effect on competition in any plausible relevant market in India,” CCI added.

In India, Adani Power is in the business of producing thermal power. Another statement from CCI stated that it has approved the offers from several organizations, such as 360 ONE Group and Ranjan Pai’s MEMG Family Office LLP, to acquire shares in PharmEasy.

According to the statement, the proposed transactions call for the acquirers, MEMG LLP and 360 ONE Group, to subscribe for class B compulsorily convertible preference shares of the Target, API Holdings Ltd.

The 360 ONE Group’s alternative investment funds and 360 ONE Mutual Fund schemes are served by the latter’s investment management services. The Pai Family Group ultimately owns MEMG Family Office LLP (MEMG LLP), which provides consulting and advisory services to clients in India.