Section 112(a) in The U.P. Electricity Regulatory Commission (Conduct of Business) Regulations, 2004
(a)No licensee shall, without prior approval of the Commission undertake any transaction to acquire by purchase or takeover or otherwise, the utility of any other licensee or merge his utility with the utility of any other licensee. Provided that nothing contained in these regulations shall apply if the utility of the licensee is situate in a State other than the State of Uttar Pradesh.
