CCI Approves Punjab Power Corp's GVK Project Acquisition
Jan 02, 2024 19:47
The Competition Commission of India has cleared Punjab State Power Corporation's proposed acquisition of GVK Power (Goindwal Sahib) Ltd, a subsidiary of GVK Energy Ltd.
New Delhi, Jan 2 (PTI) The Competition Commission of India on Tuesday cleared Punjab State Power Corporation's proposed acquisition of GVK Power (Goindwal Sahib) Ltd.
GVK Power (Goindwal Sahib) is a wholly-owned subsidiary of GVK Energy Ltd, which in turn is the subsidiary of GVK Power and Infrastructure Ltd.
The combination involves the acquisition of 100 per cent stakeholding of GVK Power (Goindwal Sahib) Ltd by Punjab State Power Corporation Ltd (PSPCL).
"CCI approves the proposed acquisition of 100 per cent shareholding of GVK Power (Goindwal Sahib) Limited by Punjab State Power Corporation Ltd," the fair trade regulator said in a post on X.
In July last year, PSPCL had filed a bid to take over the 540 MW Goindwal thermal power plant in Tarn Taran after corporate insolvency proceedings were initiated against its owner GVK Power.
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.
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