The Competition Commission of India (CCI) approved the acquisition of 96.42 per cent equity shareholding in Jindal Power Limited (JPL) by Worldone Private Limited (Worldone).
Worldone is an investment holding company that has investments in various listed and unlisted companies and JPL is primarily engaged in the business of generating thermal power by using coal as a fuel source.
“The Proposed Combination relates to the acquisition of 96.42 per cent equity shareholding in JPL by Worldone,” the CCI said in a statement.
“The relevant markets associated with the transaction are the market for coal-based thermal power generation in India and market for power transmission in India,” it added.
In August 2021, Jindal Steel and Power Limited’s (JSPL) board accepted the revised binding offer from Worldone, to divest its 96.42 per cent stake in JPL, a material subsidiary of JSPL.