Bhubaneswar: The Competition Commission of India (CCI) has approved the proposed acquisition of 100 per cent share capital and control of GVK Energy Ltd by Adani Power Ltd.
According to the regulator, the proposed combination is being carried out under the corporate insolvency resolution process initiated against GVK Energy Ltd under the Insolvency and Bankruptcy Code (IBC), 2016.
GVK Energy Ltd, a public limited company and subsidiary of GVK Power and Infrastructure Ltd, is involved in the power generation sector through its subsidiary, Alaknanda Hydro Power Company Ltd (AHPL).
AHPL operates a 330 MW hydroelectric power project located in Srinagar in Uttarakhand. The operation and maintenance services for the project are currently provided by GVK Energy Ltd.
The approval marks another significant expansion move for Adani Power in India’s energy sector through the acquisition of stressed infrastructure assets under the insolvency framework.
