CCI approves acquisition of 96.42% equity shareholding in Jindal Power Limited by Worldone Private Limited
Why in news:
- The Competition Commission of India (CCI) approves acquisition of 96.42% equity shareholding in Jindal Power Limited by Worldone Private Limited.
- Worldone Private Limited (Worldone) is an investment holding company which has investments in various listed and unlisted companies.
- Jindal Power Limited (JPL) is primarily engaged in the business of generating thermal power by using coal as a fuel source.
- The Proposed Combination relates to acquisition of 96.42% equity shareholding in JPL by Worldone. The relevant markets associated with the transaction are
- Market for coal-based thermal power generation in India
- (ii) Market for power transmission in India.
More information :
- Earlier in July, Jindal Steel & Power Limited (JSPL) had announced receiving the Rs 7,401-crore revised offer from Worldone Private Limited to acquire the 96.42 per cent stake in Jindal Power Ltd (JPL).
- The company had informed that out of the Rs 7,401 crore, Rs 3,015 crore will be paid in cash, while the balance Rs 4,386 crore will be settled by way of assumption and takeover of liabilities and obligations of JSPL in relation to inter-corporate deposits and the capital advances extended by JPL to JSPL.
- Part of O P Jindal Group, JSPL is an industrial powerhouse with a dominant presence in steel, power, mining and infrastructure sectors.
- Worldone Private Ltd is a private company owned by the Promoter Group of JSPL, managing and holding investments across various listed and unlisted companies.
About competition commission of india (CCI)
- The Competition Commission of India (CCI) is the chief national competition regulator in India.
- It is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing the Competition Act, 2002 in order to promote competition and prevent activities that have an appreciable adverse effect on competition in India.
- The CCI looks into cases and investigate it if the same has negative impact on competition
- Headquarters – New Delhi
- Chairman – Ashok Kumar Gupta
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