The Competition Commission of India (CCI) today gave its approval to the Rs 850 crore acquisition of network services firm GTL Ltd's OME business by E2 Energy Service.
Debt-laden GTL Ltd decided to sell Operations, Maintenance & Energy Management (OME) business of the company on a going concern basis by way of a slump sale to E2 Energy Services Pvt Ltd for Rs 850 crore.
In a tweet, CCI said, "... Approves acquisition of operations, maintenance and energy management business of GTL Ltd by E2 Energy Services Pvt Ltd."
Also Read
GTL had said that upon conclusion of the transaction, the proceeds will be utilised by the company to pay dues to the lenders.
"This forms part of the larger effort by the company, whereby it has proposed a one-time settlement offer to the lenders, which envisages the sale of its assets/investments in order to repay its dues," the company had said.
E2 Energy or Essential Energy is a wholly-owned Indian operating business of UK-based Intelligent Energy.
Essential Energy, headquartered in Bengaluru, focuses on power generation and distribution for the Indian telecom infrastructure market.
Part of Manoj Tirodkar-led Global Group, GTL Ltd has been under corporate debt restructuring.
