Business & Finance

CCI Endorses Adani Group’s Acquisition Of DB Power

Adani Group

The proposed combination involves the acquisition of 100 per cent of the share capital and economic rights of Diliigent Power Private Limited and DB Power Limited by Adani Power Limited

New Delhi: The Competition Commission of India (CCI) on Thursday said it has approved the acquisition of 100 per cent share capital of Diliigent Power Private Limited and DB Power Limited by Adani Power Limited.

The proposed combination involves the acquisition of 100 per cent of the share capital and economic rights of Diliigent Power Private Limited and DB Power Limited by Adani Power Limited, the CCI said in a statement. The Acquirer (Adani Power Limited) is a public listed company incorporated in India with its shares listed on BSE Limited as well as the National Stock Exchange of India Limited. The Acquirer is a power company with eight operational power plants in India. It has power generation capacity of 13,650 MW comprising thermal power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, and Chhattisgarh and a 40 MW solar power project in Gujarat.

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Diliigent Power is primarily engaged in the activities of a holding company. It also provides project management and consultancy services, limited to DB Power.

DB Power operates a coal-based thermal power plant with an installed capacity of 1200 MW per hour in Chhattisgarh.

Last month, Adani Power Limited announced that it would acquire DB Power for Rs 7,017 crore.
DB Power Limited owns and operates a 2×600 MW thermal power plant at district Janjgir Champa in Chhattisgarh, and has a turnover of Rs 3,488 crore for FY 2021-22. DB Power is engaged in the business of establishing, operating, and maintaining thermal power generating stations.

Diliigent Power Private Limited (DPPL) is the holding company of DB Power, and has a turnover of Rs 0.19 crore for FY 2021-22.

(Except for the headline, this story has not been edited by HW News staff and is published from a syndicated feed.)

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National Politics

Devendra Fadnavis Requests Investigation Of RRVs Acquired By MVA Govt

ANI
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Maharashtra Deputy Chief Minister Devendra Fadnavis said Thursday that a probe has been ordered into the purchase of 18 Rapid Response Vehicles (RRVs) by the previous MVA government allegedly at an inflated price of Rs three crore each during the pandemic.

Mumbai:  Maharashtra Deputy Chief Minister Devendra Fadnavis said Thursday that a probe has been ordered into the purchase of 18 Rapid Response Vehicles (RRVs) by the previous MVA government allegedly at an inflated price of Rs three crore each during the pandemic.

The vehicles, called “Devdoot”, were purchased in 2020-21 fiscal by the relief and rehabilitation department, which was then headed by the Congress minister Vijay Wadettiwar. The vehicles are said to be equipped to respond quickly in event of a natural calamity. Fadnavis, who holds the finance and home portfolios in the current dispensation, told ANI that a probe has been ordered into the alleged scam after media reports said that the vehicles were purchased at a higher price than their actual cost. The total cost of the vehicles was Rs 54 crore.

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“The tender was issued by the relief and rehabilitation department. In July 2020, minister Vijay Wadettiwar had written that it was very necessary to provide RRVs to 16 municipal corporations, NDRF and the SDRF,” one of the sources said.

“However, the finance department, at that time led by Ajit Pawar of the Nationalist Congress Party, objected to the purchase since the state was facing a very tight fiscal situation due to the pandemic. Despite the objection, the RRVs were purchased,” the source added.

Recently, BJP leader and Maharashtra minister Sudhir Mungantiwar too had demanded a detailed inquiry into the suspected scam.

The previous Maha Vikas Aghadi (MVA) government comprised the Shiv Sena, the Congress and the Nationalist Congress Party. It was led by former Chief Minister Uddhav Thackeray.

(Except for the headline, this story has not been edited by HW News staff and is published from a syndicated feed.)

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