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Chubu Electric Power Company Netherlands B.V. proposes to acquire equity shares in Continuum Green Energy Limited. The acquisition involves primary subscription and secondary purchase of shares from Continuum Green Energy Holdings Ltd. The Acquirer also obtains control rights in the Target and its Indian subsidiaries. The Acquirer belongs to the CHUBU Group, which manages power generation, distribution, and transmission. The Target operates in the generation and sale of renewable power in India. The Parties identify horizontal overlaps in the market for renewable power generation and the market for solar power generation in India. The Parties submit this notification under Section 5(a)(i)(A) of the Competition Act, 2002.
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PUBLIC VERSION
ANNEXURE 19
SUMMARY OF THE COMBINATION
[Under Regulation 13(2) of the Competition Commission of India (Combination) Regulation, 2024]
A. Name of the Parties to the Combination
(The Acquirer and Target are collectively referred to as “Parties”)
B. Nature and Purpose of the Combination
The “Proposed Combination” comprises of acquisition of certain equity shareholding in the Target by way of both primary subscription and secondary purchase of the equity shares from Continuum Green Energy Holdings Ltd., Singapore (“Seller”). Pursuant to the Proposed Combination, the Acquirer will also acquire certain control conferring rights in the Target and its subsidiaries in India.
The Proposed Combination is notifiable to the Hon’ble Commission under Section 5(a)(i)(A) of the Competition Act, 2002 (as amended).
C. Product, Services, Business (es) of the Parties to the Combination
Acquirer: The Acquirer is a private limited company, incorporated under the laws of Netherlands and is a wholly owned subsidiary of Chubu Electric Power Co., Inc., Japan (“CHUBU”) which is the ultimate controlling entity of the CHUBU Group. The Acquirer is engaged in the activities related to investment, management, financing and treasury related functions for the CHUBU Group. Whereas CHUBU is a public limited company listed on recognized stock exchanges in Japan and is engaged in the business of generation, distribution and transmission of power generated through renewable sources such as solar, wind, nuclear etc., among other activities.
Target: The Target is a public limited company incorporated under the laws of India. The Target and its various subsidiaries in India are primarily engaged in the business of sale and generation of power through renewable sources such as wind and solar.
D. Respective Markets in which the Parties to the Proposed Combination operate
