New Delhi, Feb 24 (IANS) The Competition Commission of India (CCI) here on Monday approved the 100 per cent acquisition of the issued and paid-up share capital of North Eastern Electric Power Corporation by NTPC from the government.
The CCI approved the acquisition of 74.50 per cent of issued and paid-up share capital of THDC India by NTPC from the government, it said in a statement. The proposed combination related to acquisition of 100 per cent issued and paid-up share capital of NEEPCO by NTPC from the government, it said.
DIPAM Secretary T.K. Pandey had earlier told IANS the NTPC-THDC-NEEPCO deal would conclude in FY20.
NTPC might have to complete the buyout by the end of FY20 to help the Centre, which was struggling to meet disinvestment targets, sources had said. The estimated revenue from both these deals with NTPC could fetch the government Rs 11,000 crore.
In THDC, the Centre holds 74.50 per cent and the UP government 25.50 per cent of total shares as on 31 March 2019. It’s a central public sector Unit and under the administrative control of the Ministry of Power.
NTPC, a Maharatna company, is engaged in power generation through coal-based plants as well as hydro and renewable energy sources. NEEPCO is a power utility, primarily operating in the north-eastern region.
–IANS
ana/pcj