Adani Power, DAIT Get CCI Nod To Acquire Coastal Energen
The proposed transaction involves the acquisition of 100% equity share capital of Coastal Energen by Dickey Alternative Investment Trust and Adani Power.
The Competition Commission of India on Tuesday said it has approved a proposal to acquire 100% stake in Coastal Energen Pvt. by Adani Power Ltd. and Dickey Alternative Investment Trust.
Adani Power, a part of the diversified Adani Group, is the leading private-sector thermal power producer in India.
The proposed transaction involves the acquisition of 100% equity share capital of Coastal Energen Pvt. by the acquirers (Dickey Alternative Investment Trust and APL, according to a release by fair trade regulator CCI.
DAIT is a SEBI-registered Alternative Investment Fund. It is acting through its investment manager Dickey Asset Management Pvt.
CEPL is engaged in the business of generation and sale of power. The company is undergoing a Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code.
In another release, CCI granted its approval to Matrix Pharma Pvt.'s proposal to acquire 100% shareholding of Tianish Laboratories Pvt.
Tianish Laboratories carries out the business of manufacture and sale of active pharmaceutical ingredients in India.
The acquirer (Matrix Pharma) proposes to purchase 100% of the equity shares of the target (Tianish Laboratories), the release said.
Prior to Matrix Pharma's acquisition, the Investors (Kotak Strategic Situations India Fund II and Kotak Alternate Asset Managers) propose to subscribe to certain optionally convertible debentures of the Matrix Pharma Pvt Ltd.
The proceeds of this investment will be utilised by the Matrix Pharma towards its acquisition of Tianish Laboratories.
Kotak Strategic Situations India Fund II is a SEBI-registered AIF, while Kotak Alternate Asset Managers acts as an investment manager, engaged in the business of managing and advising funds.
Matrix Pharma does not presently carry out any business activity either in India or outside India.
The 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.
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