GIP EM Star Pte. Ltd.

Page 1 of 5

COMPETITION COMMISSION OF INDIA Combination Registration No. C-2026/01/1365

25th March 2026

Notice under Section 6(2) of the Competition Act, 2002 given by GIP EM Star Pte. Ltd.

CORAM:

Ms. Ravneet Kaur Chairperson

Mr. Anil Agrawal Member

Ms. Sweta Kakkad Member

Mr. Deepak Anurag Member

Order under Section 31(1) of the Competition Act, 2002

1. On 5th January 2026, the Competition Commission of India (Commission) received a notice (Notice) under Section 6(2) of the Competition Act, 2002 (Act) given by GIP EM Star Pte. Ltd. (Acquirer). The Notice was filed pursuant to the execution of the Share Subscription Agreement and Shareholders’ Agreement, each dated 10th December 2025, entered into amongst the Acquirer, Aditya Birla Renewables Limited (Target), and Grasim Industries Limited (GIL) [hereinafter, the Acquirer and the Target are collectively referred to as ‘Parties’].

2. The Proposed Combination involves the acquisition by the Acquirer of up to 32.26% of the equity share capital of the Target, on a fully diluted basis. The Acquirer will subscribe to certain compulsory convertible preference shares and equity shares of the Target.

Combination Registration No. C-2025/01/1365 Page 2 of 5

However, the Commission has not considered the Optional Equity Share Tranche and the Internal Restructuring (as defined in the Notice) as a part of the Proposed Combination.

3. In terms of Regulation 14 of the Competition Commission of India (Combinations) Regulations, 2024, vide letter dated 16th January 2026, certain information and clarifications were sought from the Acquirer. The Acquirer submitted the response dated 2nd February 2026, after seeking an extension of time. Since the response was not complete, another letter was issued on 13th February 2026, and the responses dated 21st February 2026, 26th February 2026, and 4th March 2026 were furnished by the Acquirer.

4. The Acquirer is incorporated in Singapore and is controlled by funds managed/controlled by GIM EM Manager LLC. GIM EM Manager LLC is wholly owned by Global Infrastructure Management, LLC (GIM). GIM is an indirectly majority-owned subsidiary of BlackRock, Inc. (BlackRock). It is submitted that the Acquirer does not have any business activities in and outside India.

5. GIM EM Manager LLC is an investment management company that manages investments for the GIP Emerging Markets Fund I. GIM is also an investment management company that manages investments for certain Global Infrastructure Partners (GIP) funds. GIP, a part of BlackRock, is an infrastructure investor that specializes in investing in the natural resources infrastructure, water distribution and treatment, power, utilities, seaports, and waste management sectors. BlackRock is a U.S. publicly traded company active in the provision of global investment management, risk management, and advisory services to institutional and retail clients.

6. The Target, an Indian enterprise (along with its subsidiaries), is engaged, inter alia, in the business of power generation through renewable energy resources, including solar and wind, as well as captive Engineering, Procurement, and Construction (EPC) activities for renewable power generation. Further, GIL, a public listed company, holds 100% equity shares in the Target.

Combination Registration No. C-2025/01/1365 Page 3 of 5

7. For the purposes of identification of overlaps, the Parties have considered Acquirer and its affiliates (hereinafter, collectively referred to as ‘BlackRock Entities’) such as Tata Power Renewable Energy Limited, Vena Energy Pte. Ltd., ONGC Tripura Power Company Limited, Ib Vogt GmbH, Aecom India, Terta Tech, Inc., etc. and the Target (including its downstream affiliates), as well as certain entities related to the Target (hereinafter, collectively referred to as ‘Target Entities’).

8. With regard to horizontal overlaps, it is submitted that certain BlackRock Entities and Target Entities are engaged in the broad market for the generation of power in India (Power Generation Market). At a narrow level, these entities are present in the segment of power generation through renewable energy sources in India, which may further be sub-segmented into generation of power through solar energy and wind energy in India. Further, in line with the Ministry of Power’s revised Renewable Purchase Obligations vide Order bearing No. F. No. 09/13/2021-RCM dated 22nd July 2022, and the past practice of the Commission, a segment of wind power generated by projects that are commissioned after 31st March 2022, is also considered.

9. With regard to vertical overlaps, it is submitted that certain BlackRock Entities and the Target Entities exhibit the following potential linkages: a. Certain BlackRock Entities are engaged in the market for the provision of EPC Services in the Power Generation Market in India (upstream), and Target Entities are engaged in the Power Generation Market (downstream); b. Certain BlackRock Entities are engaged in the provision of EPC Services in renewable power generation in India (upstream), and certain Target Entities are engaged in power generation through renewable sources in India (downstream); c. Certain BlackRock Entities are engaged in the provision of EPC Services in solar power generation in India (upstream), and certain Target Entities are engaged in power generation through solar energy (downstream); d. Certain BlackRock Entities are engaged in the provision of EPC Services in wind power generation in India (upstream), and certain Target Entities are engaged in power generation through wind energy (downstream);

Combination Registration No. C-2025/01/1365 Page 4 of 5

e. A BlackRock Entity is engaged in the market for manufacturing and/or sale of solar modules in India (upstream), and certain Target Entities are engaged in power generation through solar energy (downstream).

10. With regard to complementary overlaps, the Parties exhibit linkages as certain BlackRock Entities are engaged in the market for provision of Energy Storage Systems/Solutions (ESS) in India (ESS Market), which may be delineated at narrow level into provision of battery energy storage solutions (BESS) and pump storage hydropower solutions (PSH); and the Target Entities are engaged in the Power Generation Market.

11. The Commission decided to leave the delineation of the relevant market open, as it was observed that the Proposed Combination is not likely to cause appreciable adverse effect on competition in any of the plausible relevant market(s) in India.

12. Based on the submissions of the Acquirer, the Commission noted that the incremental market share in the Power Generation Market and its segments/sub-segments, based on existing capacity as well as underdevelopment plus existing capacity, is in the range of [0-5]%.

13. With regard to the vertical overlaps, the Commission observed that the market share of the BlackRock Entities in upstream markets as well as the Target Entities in the downstream markets is in the range of [0-5]%. Further, with regard to complementary overlaps, the market share of the BlackRock Entities in the market for ESS, as well as its PSH segment, is in the range of [0-5]%, and in the BESS segment it is in the range of [5- 10]%. On the other hand, the market share of Target Entities in the Power Generation Market and its segments is in the range of [0-5]%. Thus, based on the Acquirer’s submissions, the Commission observed that the presence of the Parties is not such to raise any competition foreclosure concerns.

14. Considering the material on record, including the details provided in the Notice and the assessment of the Proposed Combination based on the factors stated in Section 20(4) of