The Competition Commission of India (CCI) has cleared Generation Investment Management's proposed stake acquisition in Continuum Green Energy.
"The acquirer (JC Infinity (B) Ltd) proposes to subscribe to certain equity shares issued by the Target (Continuum Green Energy).
The Competition Commission of India (CCI) has cleared Generation Investment Management's proposed stake acquisition in Continuum Green Energy.
"The acquirer (JC Infinity (B) Ltd) proposes to subscribe to certain equity shares issued by the Target (Continuum Green Energy).
"Pursuant to the proposed combination, the acquirer will acquire shareholding and rights in the target (Continuum)," the fair trade regulator said.
The ultimate parent entity of the JC Infinity B/Infinity A is Generation Investment Management (GIM).
GIM is engaged in the business of sustainable investing. Former US Vice-President Al Gore is a founding partner and Chairman of the investment firm, while Continuum Green Energy is engaged in the renewable energy sector.
Last week, GIM through its fund Just Climate announced that it will invest USD 150 million in Continuum Green Energy.
"The parties' (including their affiliates) activities do not exhibit any horizontal, vertical, or complementary overlaps in any of the plausible relevant markets in India.
"The proposed combination is being notified under the green channel route," CCI said.
The CCI said it has approved the deal under the green channel route.
Under this route, a transaction that does not raise any risk of an appreciable adverse effect on competition is deemed to be approved on being intimated to the fair-trade regulator.