Adani Power gets CCI's approval to acquire Lanco Amarkantak Power

Fair trade regulator Competition Commission of India (CCI) on Tuesday cleared Adani Power's proposed acquisition of Lanco Amarkantak Power.

Adani Power proposes to acquire 100 per cent share capital and control of the Lanco Amarkantak Power, pursuant to the corporate insolvency resolution process (CIRP) initiated under the Insolvency and Bankruptcy Code, 2016 (IBC), according to a release.

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

On March 5, Adani Power announced it received the creditors' approval for the resolution plan to acquire 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 said.

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

In another release, CCI said it has cleared the proposals of purchasing stakes in PharmEasy by various entities, 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 online e-commerce marketplace PharmEasy.

The proposed transactions envisage the subscription of class B compulsorily convertible preference shares of the Target (API Holdings Ltd) by the acquirers (MEMG LLP and 360 ONE Group), as per the release.

360 One is Sebi-registered Alternative Investment Fund. It is managed by its investment manager, AML. The latter provides investment management services to schemes of 360 ONE Mutual Fund and alternative investment funds of the 360 ONE Group.

MEMG Family Office LLP (MEMG LLP) is engaged in the provision of consulting and advisory services to customers in India, and ultimately belongs to the Pai Family Group.

Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.