Competition Commission of India (“CCI”) vide Press Release No. 92/2024-2025[1], dated December 31, 2024, approved the proposed acquisition of 21 (twenty-one) Special Purpose Vehicles (“SPVs”), and the holding companies of certain SPVs by Gentari Renewables India Pte. Ltd (“Acquirer”).
The proposed transaction entails the acquisition of 21 (twenty-one) SPVs, which own renewable power generation plants, as well as the holding companies of certain SPVs, by the Acquirer.
The Acquirer, an indirect subsidiary of Petroliam Nasional Berhad, focuses on delivering clean energy solutions through 3 (three) initial core pillars: (i) Renewable Energy; (ii) Hydrogen; (iii) Green Mobility. Further, the target entities are involved in the business of generation and sale of power through wind turbines and solar power plants.
[1] https://www.cci.gov.in/media-gallery/press-release/details/479/0