Adani Power will now take a 100% stake in and control of the project. Credit: ldphotoro/Shutterstock.com.

The Competition Commission of India (CCI) has given the green light to Adani Power to acquire Lanco Amarkantak Power, a power plant with 1.92GW of capacity.

The move follows the entry of Lanco Amarkantak Power into the corporate insolvency resolution process (CIRP) in September 2019. The process was subsequently delayed.

The company’s successful bid for Lanco Amarkantak Power at Rs41.01bn ($492m) was confirmed in February 2024.

Adani Power will now take a 100% stake in and control of the bankrupt project.

The CCI stated: “The proposed transaction does not result in an appreciable adverse effect on competition in any plausible relevant market in India. Accordingly, the definition of the relevant market may be left open.”

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The acquisition marks Adani Power’s second asset purchase through the Insolvency and Bankruptcy Code in the fiscal year 2024, following its acquisition of Coastal Energen in partnership with the Dickey Alternative Investment Trust for Rs34.5bn.

With a presence in the states of Chhattisgarh, Gujarat, Jharkhand, Karnataka, Madhya Pradesh, Maharashtra and Rajasthan, Adani Power is a significant player in India’s thermal power sector.

The auction for Lanco Amarkantak Power saw limited competition, with Reliance Industries and a consortium led by Power Finance Corporation opting not to participate.

Jindal Power withdrew its interest in acquiring Lanco Amarkantak Power in early 2024, despite having previously outbid Adani Power.

Jindal Power then formally requested to retract its petition through the Amravati National Company Law Tribunal, leaving only three bidders in the auction process.

Vedanta Group’s power transmission arm, Sterlite Power Transmission (SPTL), and an affiliate of GIC, a Singapore-based wealth fund, have signed agreements to set up a $1bn platform to develop and operate power transmission projects in India. SPTL will own 51% of the stake in the joint venture while GIC’s affiliate will own the remaining 49%.