Adani Power and Dickey Alternative Investment Trust (DAIT) have received CCI approval to acquire 100% stake in Coastal Energen, a power generation company undergoing insolvency resolution.
Photograph: Amir Cohen/Reuters
New Delhi, Feb 13 (PTI) The Competition Commission of India (CCI) on Tuesday said it has approved a proposal to acquire a 100 per cent stake in Coastal Energen Pvt Ltd by Adani Power Ltd and Dickey Alternative Investment Trust.
Adani Power Ltd (APL), a part of the diversified Adani Group, is the leading private-sector thermal power producer in India.
The proposed transaction involves the acquisition of 100 per cent equity share capital of Coastal Energen Pvt Ltd (CEPL) by the acquirers (Dickey Alternative Investment Trust (DAIT) and APL), according to a release by fair trade regulator CCI.
DAIT is a Sebi-registered Alternative Investment Fund (AIF). It is acting through its investment manager Dickey Asset Management Pvt Ltd.
CEPL is engaged in the business of generation and sale of power. The company is undergoing a Corporate Insolvency Resolution Process (CIRP) under the insolvency and bankruptcy code.
The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices and promotes fair competition in the marketplace. PTI HG
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