Competition Commission Clears Punjab State Power Corp's Purchase Of GVK Power Project

The Competition Commission of India on Tuesday cleared Punjab State Power Corp.'s proposed acquisition of GVK Power (Goindwal Sahib) Ltd.

GVK Power (Goindwal Sahib) is a wholly-owned subsidiary of GVK Energy Ltd, which in turn is the subsidiary of GVK Power and Infrastructure Ltd.

The combination involves the acquisition of 100% stakeholding of GVK Power (Goindwal Sahib) Ltd. by PSPCL.

'CCI approves the proposed acquisition of 100% shareholding of GVK Power (Goindwal Sahib) Limited by Punjab State Power Corporation Ltd,' the fair trade regulator said in a post on X.

In July last year, PSPCL had filed a bid to take over the 540 MW Goindwal thermal power plant in Tarn Taran after corporate insolvency proceedings were initiated against its owner GVK Power.

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