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Aditya Birla Renewables Limited proposes to acquire 100 percent of the issued share capital of Solenergi Power Private Limited from Shell Overseas Investment B.V. The Acquirer operates in renewable power generation and engineering, procurement, and construction services. The Target acts as a holding company for entities engaged in solar and wind power generation in India. The Parties submit that the transaction does not cause an appreciable adverse effect on competition in India. The acquisition aligns with the long-term sustainability and energy transition goals of the Acquirer.
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SUMMARY OF THE PROPOSED TRANSACTION
[IN TERMS OF REGULATION 13(2) OF THE COMPETITION COMMISSION OF INDIA (COMBINATIONS) REGULATIONS, 2024]
A. Name of the parties to the combination
B. Nature and purpose of the combination
The proposed combination relates to an acquisition of 100% of the issued share capital of the Target by the Acquirer from Shell Overseas Investment B.V. (“Seller”) (“Proposed Combination”). The Proposed Combination is notifiable under Section 5(a)(i)(A) of the Competition Act, 2002 (as amended).
The Proposed Combination offers an opportunity to expand the Acquirer’s renewable energy footprint through an established platform. The Proposed Combination aligns with the Acquirer’s long-term sustainability and energy transition goals. The Seller’s decision to divest its interest in the Target was driven by an evolution in the Seller’s strategy in its power business, which has led the Seller to look to rebalance its portfolio towards flexible generation assets
C. Products, services and business(es) of the parties to the combination
Acquirer: The Acquirer (including its subsidiaries) is engaged in the business of power generation through renewable energy resources (solar and wind) as well as captive Engineering, Procurement and Construction (“EPC”) activities.
Target: The Target is primarily a holding company, registered in Mauritius. It does not have any other businesses except that of a holding company. The Target is present in India through: (i) certain downstream holding entities; and (ii) entities that are engaged in the business of power generation through renewable energy resources (solar and wind).
D. Respective markets in which the parties to the combination operate
Horizontal Overlaps
Potential Vertical Overlaps
Potential Complementary Relationships
