On Tuesday, the Competition Commission of India (CCI) accepted Adani Power Ltd and Dickey Alternative Investment Trust’s bid to purchase a 100% stake in Coastal Energen Pvt Ltd. Adani Power Ltd (APL), part of the diversified Adani Group, is India’s largest private-sector thermal power generator.
According to a release from fair trade regulator CCI, the proposed transaction entails the acquisition of 100% of the equity share capital of Coastal Energen Pvt Ltd (CEPL) by Dickey Alternative Investment Trust (DAIT) and APL.
DAIT is a SEBI-registered Alternative Investment Fund (AIF). It is working through its investment manager, Dickey Asset Management Pvt Ltd.
CEPL generates and sells power. The corporation is now undergoing a Corporate Insolvency Resolution Process (CIRP) under the insolvency and bankruptcy legislation.
Deals above a specific level require regulatory permission, which helps to prevent unfair business practices and encourages fair competition in the marketplace.
Adani Power Limited is India’s largest private thermal power producer, with 15,250 MW of installed capacity. Its nine power plants are located in the states of Maharashtra, Karnataka, Gujarat, Chhattisgarh, Rajasthan, Madhya Pradesh, and Jharkhand.
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