The Competition Commission of India (CCI) has approved the acquisition of SB Energy Holding Limited by Adani Green Energy Limited under Section 31(1) of the Competition Act, 2002.
The Proposed Combination envisages the acquisition of the entire (i.e 100 per cent) shareholding of SB Energy Holding Limited by Adani Green Energy Limited from SB Energy's existing shareholders.
Adani Green Energy Limited is engaged in the business of power generation through renewable energy."The Acquirer is part of the Adani group, which is an Indian multinational conglomerate comprising of six publicly traded companies. In India, the Acquirer and its subsidiaries are engaged in the business of power generation inter alia through (i) solar energy, (ii) wind energy and (iii) hybrid energy," a statement said.
SB Energy Holding Limited, through various special purpose vehicles (SPVs) is engaged in the generation, supply and sale of electricity and energy produced from renewable sources. SB Energy Holding Limited is the ultimate holding company for SPVs formed in India that focus on developing renewable energy projects.
( With inputs from ANI )
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