Gautam Adani Gets CCI's Nod To Acquire Power Company Watch Today's Stock Movement

Adani Power has received approval from the Competition Commission of India to acquire Lenco Amarkantak Power. CCI has given this information on Tuesday. Lenco Amarkantak Power Limited is a Lenco Group company and is currently undergoing corporate insolvency resolution proceedings under the IBC Code 2016.

Adani Power will buy 100 percent stake in Lanco Amarkantak

Under Adani Power's proposal, Adani Group company Lenco will buy 100 percent stake in Amarkantak. Lenco is associated with Amarkantak Thermal Power. On March 5, Adani Power informed that it has received approval from lenders for a resolution plan for the acquisition of Lenco Amarkantak ie LAPL.

In a letter sent to the stock exchange, the company said it had received a letter from the resolution professional on March 4. LAPL operates two 300 MW thermal power plants Phase-I in Chhattisgarh and has long-term power purchase agreements with power distribution companies in Haryana and Madhya Pradesh. The company is also setting up two plants of 660 MW each under the expansion plan.

Is the deal done?

An Adani Group company has entered into an agreement to acquire Lanco Amarkantak Power for Rs 4101 crore. Let us tell you that apart from Mukesh Ambani's Reliance Industries, a consortium led by the government company Power Finance Corporation (PFC) also showed interest in acquiring Lenco Amarkantak Power but later the process did not go ahead. Earlier, Twin Star Technologies, a company owned by billionaire Anil Agarwal, also made a buyout proposal which was rejected.

Adani Power shares recovered

Shares of Adani Power closed nearly 2 percent lower in Tuesday's trading. Stocks have seen a significant recovery since the Hindenburg shock. A year ago the share was Rs. was below the 175 level. Currently the stock is above 500. That means investment in stocks has increased almost 3 times in one year.

How has Adani Pawar's stock been performing?

The one-year high price of this stock was Rs. is 589. This stock has returned 454 percent to investors in 3 years. In the December quarter, the company's profit increased manifold to Rs. 2737 crores. Which was only Rs.9 crore a year ago. Sales increased by 67 percent to Rs. 12991 crore has happened.