By Our Correspondent
NEW DELHI/BHUBANESWAR: The Competition Commission of India (CCI) approves proposed acquisition of 49% of the total equity share capital of Odisha Power Generation Corporation Limited (OPGC) by Adani Power Limited (APL).
The proposed transaction relates to the acquisition of 49% of the total equity share capital of OPGC by APL (Proposed Combination).
APL, is a public listed company and its shares are listed on the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited. It is a part of the Adani Group, which is inter-alia engaged in the business operations of generation, transmission and distribution of power in India. APL is primarily engaged in the business of power generation.
OPGC, incorporated in Odisha, is a joint venture between Government of Odisha, AES India Private Limited and AES OPGC Holding and operates as a state government company. OPGC is engaged in the business of power generation.Detailed order of the CCI will follow.
Earlier, the CCI had approved acquisition of Krishnapatnam Port Company Limited by Adani Ports and Special Economic Zone Limited. The proposed combination envisages acquisition of equity shareholding along with management controlof Krishnapatnam Port Company Limited (KPCL) by Adani Ports and Special Economic Zone Limited (Adani Ports).
Adani Ports is a customer-facing integrated port infrastructure services provider currently present across ten domestic ports in six maritime states of Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha. The Acquirer manages the logistics chain (i.e. from vessels management to anchorage, pilotage, tug pulling, berthing, goods handling, internal transport, storage and handling, processing and final evacuation by road or rail).
KPCL is engaged as a developer and operator of the deep water port at Krishnapatnam, Andhra Pradesh, pursuant to the concession agreement on Build-Operate-Share-Transfer basis with Government of Andhra Pradesh for a period of thirty years from the date of commercial operations and entitled for a further period of 20 years (two periods of 10 years each).
