The Competition Commission of India (CCI) has approved the acquisition of 100 per cent share capital of GVK Energy Limited by Adani Power Limited. The proposed combination arises from the corporate insolvency resolution process initiated under the Insolvency and Bankruptcy Code, 2016, in respect of the target company. The Commission indicated that a detailed order will follow.

The acquirer is a public company incorporated in India with shares listed on BSE Limited and the National Stock Exchange of India Limited. It is a private thermal power producer operating plants across Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, Jharkhand and Tamil Nadu. The company also operates a 40 megawatt (MW) solar power plant in Gujarat. Its operations encompass generation, transmission and commercial dispatch activities.

The target, a public limited company, was established as a subsidiary of GVK Power and Infrastructure Limited and holds interests in hydroelectric generation through its subsidiary AHPL. AHPL operates a 330 megawatt (MW) hydroelectric power project in Srinagar in the State of Uttarakhand. The target continues to provide operation and maintenance services to AHPL.

The acquisition transfers full control and share capital of the target to the acquirer under the resolution plan approved in the insolvency process. The Commission assessed competitive effects and statutory compliance before granting approval. The Commission's scrutiny considered the resolution plan, asset portfolios and any overlaps in generation and supply chains across regional markets.

Stakeholders will await the detailed order for clarifications on conditions, markets assessed and any remedies as indicated in the release. The approval is a step in the broader consolidation of power assets under resolution and follows statutory processes prescribed by law. Market participants and creditors are likely to monitor subsequent filings for implementation details.