Team News Riveting
New Delhi, October 3
The Competition Commission of India (CCI) has approved the proposed acquisition of 100 per cent shareholding of Lanco Amarkantak Power Limited by PFC Projects Limited, REC Limited, SJVN Limited and Damodar Valley Corporation.
The proposed combination relates to acquisition of 100 per cent shareholding of Lanco Amarkantak Power Limited (LAPL) by PFC Projects Limited (PPL), REC Limited (REC), SJVN Limited (SJVN) and Damodar Valley Corporation (DVC).
Acquirers
PPL is a wholly owned subsidiary of Power Finance Corporation Limited (PFC), a Government of India undertaking. PPL has been set up to, inter alia, carry out the business of power generation and distribution.
REC is a subsidiary of PFC. It is presently a non-banking financial company categorized as an infrastructure finance company by the Reserve Bank of India.
SJVN is a listed company held by the Government of Himachal Pradesh and public shareholders. At present, SJVN is implementing and operating projects in, inter alia, the States of Himachal Pradesh, Uttarakhand, Bihar, Maharashtra, and Uttar Pradesh in India
DVC is a statutory corporation set up under the Damodar Valley Corporation Act, 1948. It is engaged in the businesses of, inter alia, power generation, transmission, and water management in India.
Target
LAPL is an unlisted public limited company engaged in power generation in India. The planned capacity of the project, located in Chhattisgarh’s Korba district, is 1920 MW.
