By Anurjay Dhal
KENDRAPARA (ODISHA): The Sajjan Jindal led JSW Group was on Tuesday got yet another boost with the Competition Commission of India (CCI) approving the acquisition by JSW Energy Limited (“Acquirer”) of GMR Kamalanga Energy Limited (“Target”), under Section 31(1) of the Competition Act, 2002, in its meeting held on Tuesday through video conferencing in New Delhi, sources in Odisha Government told over phone from Bhubaneswar.
The proposed combination envisages the acquisition of the entire (i.e., 100%) shareholding of the Target by the Acquirer. The Acquirer (also through its subsidiaries) is engaged in power generation, power transmission, power trading, coal mining and power equipment manufacturing.
Presently, the Acquirer has a power generation capacity of 4,541 MW comprising of portfolio of thermal (3,140 MW), hydro (1,391 MW) and solar (10 MW).The Target is engaged in generation of power through its coal based thermal power plant at Kamalanga village, Dhenkanal district, Odisha.
The Sajjan Jindal led JSW Group had own as many as 4 major iron ore blocks in Odisha’s mineral rich Keonjhar-Sundargarh and also taken over debt ridden Bhushan Steel and Power Ltd in the State.
The CCI has also approved proposed acquisition of 80.1% stake by Hitachi in the power grid business of ABB Limited, in its meeting held today through video conferencing
The proposed combination envisages acquisition of 80.1% share capital of ABB Management Holding AG (ABB Management) by Hitachi Limited (Hitachi) from ABB Limited (ABB). ABB Management will hold the entire power grid business of ABB (Target Business).
Hitachi, headquartered in Japan, is the parent company of the Hitachi group of companies. It is active in a variety of business segments including IT Solution, Energy Solution, Industry Solution, Mobility Solution, and Smart Life Solution.
The Target Business involves development, engineering, manufacturing and sale of products, systems and projects in the power grids sector.
