PIB News Update:The Competition Commission of India (CCI) approves the acquisition of 100% of the issued and paid-up share capital of North Eastern Electric Power Corporation (“NEEPCO”/ “Target”) by NTPC Limited (“NTPC”/ “Acquirer”) from Government of India (“GoI”), under Section 31(1) of the Competition Act, 2002
The Proposed Combination relates to the acquisition of 100% of the issued and paid-up share capital of the Target by the Acquirer from GoI.
NTPC is a Maharatna Company having presence in the power generation business. The principal business activity of the company is electric power generation through coal based thermal power plants. NTPC is also engaged in the business of generation of electricity from hydro and renewable energy sources.
NEEPCO is a power utility, primarily operating in the north-eastern region of India. The principal business activity of the Target is generation of power through hydro, thermal and solar power stations.
The CCI approved the Proposed Combination under Section 31(1) of the Act.
Detailed order of the CCI will follow