On October 24, 2014, CCI approved the proposed acquisition of a 100% share capital of Udupi
Power Corporation Limited (‘UPCL’) by Adani Power (‘AP’) from Lanco Infratech Limited
(‘LIL’), Lanco Thermal Power Limited, Portia Properties Private Limited and other existing minority
shareholders.

CCI noted that AP is engaged in the business of power generation and power transmission
in India and that UPCL is stated to operate a 1200 MW power plant in Udupi district of Karnataka.
CCI noted further that the transaction related to the business of power generation which is
characterized by a number of players. It noted that although both companies are engaged in the
power generation business, UPCL’s market share in terms of installed capacity and generation
was insignificant and that the post combination, the combined market share of the parties was
too less to cause any competition concerns in the market.

Accordingly CCI held that the proposed transaction was unlikely to have an AAEC in India
and approved the transaction

For further information, please contact:

Zia Mody, AZB & Partners
zia.mody@azbpartners.com

Abhijit Joshi, AZB & Partners 
abhijit.joshi@azbpartners.com

Shuva Mandal, AZB & Partners 
shuva.mandal@azbpartners.com

Samir Gandhi, AZB & Partners
samir.gandhi@azbpartners.com

Percy Billimoria, AZB & Partners 
percy.billimoria@azbpartners.com

Aditya Bhat, AZB & Partners 
aditya.bhat@azbpartners.com