New Delhi: Fair trade regulator CCI has approved the proposed acquisition of Jindal Steel and Power's 24 MW wind power generation business in Maharashtra by Parjanya Wind Power.
For the transaction, a business transfer agreement was inked in October. Competition Commission of India (CCI), which keeps a tab on unfair business practices has cleared the deal, as per the regulator's website.
Under the deal, Parjanya -- wholly-owned subsidiary of India Infrastructure Fund 11 would acquire the 24 MW wind power generation business at Satara, Maharashtra from Jindal Steel and Power.
According to JSPL's filing to stock exchanges in October, the deal on slump sale basis was being done to "generate cash flows as part of monetisation plan". Part of the O P Jindal Group, JSPL has interests in steel, power, mining and infrastructure sectors.
