Adani Power: Another company in Adani Power’s kitty, gets CCI approval for acquisition
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Adani Power: Indian industrialist Gautam Adani (Gautam AdaniThe year 2024 is going to be very special for ). On the one hand, Moody’s Investors Service (Moody’s Investors Service) It has been decided to upgrade four companies of Adani Group. On the other hand, another company is going to come into the kitty of Adani Power.
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Competition Commission of India (CCI) has approved Adani Power Limited and Dicky Alternative Investment Trust (DAIT) to acquire 100 percent stake in Coastal Energy Private Limited.
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Adani Power Limited (APL) is part of the diversified Adani Group and is the leading private sector thermal power producer in India.
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CCI said in a statement that the proposed transaction involves the acquisition of 100 per cent equity share capital of Coastal Energy Private Limited (CEPL) by the acquirers DAIT and APL.
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DAIT is a SEBI registered Alternative Investment Fund (AIF). CEPL is involved in the business of generation and sale of electricity.
Coastal Energy is bankrupt
Bidding for Coastal Energen, which is going through corporate bankruptcy, started on Friday afternoon. Gautam Adani got success in the 19th round after 18 rounds of bidding. Sherisha Technologies did not participate in the bidding, while Jindal Power did not place a counter bid in the 19th round. On behalf of Gautam Adani, along with Dickie Alternative Investment Trust, a bid of Rs 3,440 crore was made. It is being told that many companies were showing their interest in this bid. The main reason for this is that the company has power plants which are in operation.
The company has two operational power plants in Tamil Nadu.
Coastal Energen has two operational power plants in Tamil Nadu. The capacity of both is around 600-600 MW. The better thing is that the company has an active purchase agreement with Tamil Nadu Generation and Distribution Corporation. This agreement is valid till the year 2028. Coastal Energen owes Rs 12,247 crore to employees and various debtors.
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