Adani Power gets antitrust approval to acquire Lanco Amarkantak Power

Adani Power plans to acquire 100% share capital and control of Lanco Amarkantak Power

New Delhi:

Fair trade regulator Competition Commission of India (CCI) has approved Adani Power’s proposed acquisition of Lanco Amarkantak Power.

According to a press release, Adani Power intends to acquire 100% share capital and control of Lanco Amarkantak Power under the Corporate Insolvency Resolution Process (CIRP) initiated under the Insolvency and Bankruptcy Code, 2016 (IBC).

Insolvent Lanco Amarkantak Power is engaged in thermal power generation business.

On March 5, Adani Power announced that its resolution plan to acquire bankrupt Lanco Amarkantak Power had been approved by creditors.

“The proposed transaction will not have a significant adverse effect on competition in any possible relevant market in India,” the CCI said.

Adani Power is engaged in thermal power generation business in India.

In a separate release, the CCI said it has approved proposals from multiple entities to buy shares in PharmEasy, including Ranjan Pai’s MEMG Family Office LLP and 360 ONE Group.

API Holdings, through its subsidiaries, is in the business of providing healthcare services through PharmEasy, an online e-commerce marketplace.

According to the press release, the proposed transaction envisages the acquirers (MEMG LLP and 360 ONE Group) subscribing to the Class B mandatory convertible preference shares of the target company (API Holdings Ltd).

360 One is an alternative investment fund registered with Sebi. It is managed by its investment manager AML. The latter provides investment management services for the schemes of 360 ONE Mutual Fund and 360 ONE Group Alternative Investment Fund.

MEMG Family Office LLP (MEMG LLP) is engaged in the business of providing advisory and consultancy services to clients in India and is ultimately part of the Pai Family Group.

Transactions above certain thresholds require approval from regulators, who keep a close eye on unfair business practices and promote fair competition in the market.

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