CCI gives nod to deal involving Lanco Amarkantak power by PFC projects

New Delhi: Fair trade regulator Competition Commission of India (CCI) has granted approval for the acquisition of Lanco Amarkantak Power by Power Finance Corporation (PFC) projects, REC, SJVN and Damodar Valley Corporation, said an official release on October 3.

The proposed combination relates to the acquisition of 100 percent shareholding of Lanco Amarkantak Power by PFC Projects, REC, SJVN and Damodar Valley Corporation (DVC), said the statement.

PFC projects is involved in electricity generation and distribution, while REC is a non-banking financial company. Both are the subsidiaries of Power Finance Corporation (PFC).

SJVN is mainly into hydroelectric power generation, while DVC is a statutory corporation. The latter is engaged in the businesses of power generation, transmission, and water management.

Lanco Amarkantak Power Limited is a coal-fired thermal based project and is involved in power generation.

Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices and promotes fair competition in the marketplace, the statement said.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)