CCI approves Adani Power's acquisition of Coastal Energen stake

The Competition Commission of India (CCI) announced its approval of the acquisition proposal for a 100% stake in Coastal Energen by Adani Power Ltd and Dickey Alternative Investment Trust. Adani Power (APL), a prominent thermal power producer in India and a subsidiary of the diversified Adani Group, spearheads this transaction. The planned deal encompasses the acquisition of the entire equity share capital of Coastal Energen (CEPL) by the acquirers, namely Dickey Alternative Investment Trust (DAIT) and APL, as outlined in a release by the CCI, the fair trade regulator. Dickey Alternative Investment Trust (DAIT) is a Sebi-registered Alternative Investment Fund (AIF) and is acting through its investment manager, Dickey Asset Management. Coastal Energen (CEPL) is actively involved in the generation and sale of power. The company is currently undergoing a Corporate Insolvency Resolution Process (CIRP) in accordance with the insolvency and bankruptcy code. Transactions exceeding a specified threshold require approval from the regulator, the CCI, which monitors and regulates against unfair business practices, fostering a climate of fair competition in the marketplace.