CCI Approves Adani Power’s Acquisition of GVK Energy Under Insolvency Resolution Process to Expand Hydropower Portfolio

The Competition Commission of India (CCI) has approved the acquisition of 100% share capital and control of GVK Energy Limited by Adani Power Limited under the corporate insolvency resolution process initiated under the Insolvency and Bankruptcy Code, 2016.

According to the official announcement, the proposed transaction involves Adani Power acquiring the entire shareholding of GVK Energy Limited as part of the insolvency proceedings.

Adani Power Limited, a publicly listed company on both BSE Limited and the National Stock Exchange of India, is one of India’s private thermal power producers. The company operates thermal power plants across Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, Jharkhand, and Tamil Nadu. It also operates a 40 MW solar power plant in Gujarat.

GVK Energy Limited, a subsidiary of GVK Power and Infrastructure Ltd, is associated with hydroelectric power generation through its subsidiary, Alaknanda Hydro Power Company Limited (AHPL). AHPL operates a 330 MW hydroelectric power project located in Srinagar, Uttarakhand, while operation and maintenance services are managed by GVK Energy Limited.

The CCI stated that a detailed order regarding the approval will be issued separately.