CCI okays Punjab State Power Corporation’s acquisition of GVK Power plant

The Competition Commission of India (CCI) has approved the proposed acquisition of 100 per cent shareholding of GVK Power (Goindwal Sahib) Limited by Punjab State Power Corporation Ltd.

Punjab State Power Corporation Ltd, is a fully owned undertaking of the government of Punjab. The erstwhile Punjab State Electricity Board (PSEB), was a statutory body formed on 1st February, 1959 under the Electricity Supply Act, 1948.

The PSEB was “unbundled” by the Government in 2010 into two separate entities — Punjab State Power Corporation Limited (PSPCL) and Punjab State Transmission Corporation Limited (PSTCL).

GVK Power (Goindwal Sahib) Limited, incorporated in December 1997, is a wholly owned subsidiary of GVK Energy Limited which in turn is the subsidiary of GVK Power and Infrastructure Limited.

It is engaged in power generation through a 540 coal based thermal power plant.