The Competition Commission of India (CCI) has approved the 100 per cent acquisition of Lanco Amarkantak Power Limited by Adani Power Limited
Lanco Amarkantak Power Limited by Adani Power Limited: Recently, Adani Power Limited for its complete takeover of Lanco Amarkantak Power Limited on March 26, 2024. Lanco Amarkantak Power Limited (TARGET), a subsidiary of the Lanco Group, is a thermal bank which is involved in thermal power generation in India. Recently, Lanco Amarkantak Power operated two 300 megawatts (MW) thermal power units in the Korba district of Chhattisgarh. Recently, Adani operated its thermal power plants across multiple states in India, including Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Jharkhand and Madhya Pradesh and expanding recently.
Competition Commission of India (CCI)
Competition Commission of India (CCI)
The Competition Commission of India (CCI) is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing the Competition Act, 2002 and is the competition regulator in India. It was established on 14 October 2003. The commission comprises a chairperson and not less than two and not more than six other members appointed by the Central Government.
Competition Act, 2002
The Competition Act, 2002 was enacted by the Parliament of India and governs the Indian competition law. The Act received presidential assent in 2003.
The Monopolies and Restrictive Trade Practices Act, of 1969 (MRTP Act) was repealed and replaced by the Competition Act, of 2002. This was done based on the recommendations of the Raghavan Committee.
The Act:
1.) Prohibits anti-competitive agreements
2.) Prohibits abuse of dominant position by enterprises and
Regulates combinations (acquisition, acquisition of control, and M&A), which can cause or is likely to cause an appreciable adverse effect on the competition within India.
3.) The Act follows the philosophy of modern competition laws.
Who acquired Lanco Amarkantak Power Limited?
Adani Power Limited acquired Lanco Amarkantak Power Limited
