Adani Power, DAIT get CCI nod to acquire Coastal Energen

Adani Power, DAIT get CCI nod to acquire Coastal Energen
Photo: Hans India 14.02.2024 550

Competition watchdog also approves 100 per cent acquisition of Tianish Laboratories by Matrix Pharma.

The Competition Commission of India (CCI) has approved the proposed combination involving acquisition of 100 per cent shareholding of Coastal Energen Private Ltd (CEPL) by Dickey Alternative Investment Trust (DAIT) and Adani Power Ltd (APL).   

CEPL, which is engaged in the business of generation and sale of power using coal, owns and operates an imported coal based thermal power plant at Tuticorin in Tamil Nadu. This company is currently undergoing corporate insolvency resolution process (CIRP) under Insolvency and Bankruptcy Code (IBC) 2016, sources said. 

“CCI approves the proposed combination involving acquisition of 100 per cent shareholding of Coastal Energen Private Ltd by Dickey Alternative Investment Trust and Adani Power Limited,” 

said a CCI post in ‘X’, formerly Twitter.

Meanwhile, CCI has also approved the acquisition of 100 per cent shareholding of Tianish Laboratories Private Limited by Matrix Pharma Private Ltd. 

Prior to acquisition of Tianish, Kotak Strategic Situations India Fund II and Kotak Alternate Asset Managers Limited propose to subscribe to certain optionally convertible debentures of Matrix Pharma. 

Matrix Pharma would use the proceeds of OCDs towards acquisition of Tianish Laboratories, sources said. 

“CCI approves the proposed combination involving acquisition of 100% of the equity shares of Tianish Laboratories Private Limited by Matrix Pharma Private Ltd,” said a CCI post in ‘X’. 

Source: The Hindu Business Line

pharmaceutical markets  India 

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