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