Latest News | CCI Clears Punjab State Power Corp's Purchase of GVK Power Project

New Delhi, Jan 2 (PTI) The Competition Commission of India on Tuesday cleared Punjab State Power Corporation'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.

Also Read | New Rules and Regulations in 2024: From Aadhar Card and ITR Filing to UPI, Take a Look at Changes Taking Place in New Year 2024.

The combination involves the acquisition of 100 per cent stakeholding of GVK Power (Goindwal Sahib) Ltd by Punjab State Power Corporation Ltd (PSPCL).

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

Also Read | New Tax Slabs, Increase in Income Tax Rebate in New Tax Regime and More, Here's a List of Changes in Income Tax Laws in 2023 That Will Impact You in 2024.

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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)