Proposed Combination Involving OMERS Infrastructure Asia Holdings Pte. Ltd. and Azure Power Global Limited
CCI competition order · 17 Sept 2026
Official title
OMERS Infrastructure Asia Holdings Pte. Ltd.
CCI competition order · 17 Sept 2026
Official title
OMERS Infrastructure Asia Holdings Pte. Ltd.
Summary
Check the official recordOMERS Infrastructure Asia Holdings Pte. Ltd. proposes to increase its shareholding in Azure Power Global Limited. OMERS Infrastructure acts as an investment entity for the Ontario Municipal Employees Retirement System Primary Pension Plan. Azure Power Global Limited operates as the parent entity for the Azure group. The Azure group develops, operates, and sells solar power in India. The parties notify this transaction under Section 5(a)(i)(A) of the Competition Act, 2002. The parties state that the transaction creates no horizontal, vertical, or complementary overlaps in any relevant market. The transaction does not cause an appreciable adverse effect on competition in India.
What you must do
Who is affected
SUMMARY OF THE PROPOSED COMBINATION
Summary under Regulation 13(2) of the Competition Commission of India (Combinations) Regulations, 2024
A. Name of the parties to the proposed combination
(a) OMERS Infrastructure Asia Holdings Pte. Ltd. (“OMERS Infrastructure”); and
(b) Azure Power Global Limited (“APGL”).
OMERS and APGL are collectively referred to as “Parties”.
B. Nature and purpose of the proposed combination
OMERS Infrastructure seeks to potentially increase its shareholding in APGL (“Proposed Transaction”).
The Proposed Transaction is being notified under Section 5(a)(i)(A) of the Competition Act, 2002.
C. The products, services and business(es) of the Parties to the combination
OMERS Infrastructure
OMERS Infrastructure is an investment entity of OMERS Administration Corporation (“OAC”). OAC is the administrator of the Ontario Municipal Employees Retirement System Primary Pension Plan (“OMERS”) and the trustee of the pension funds.
OMERS is one of the Canada's largest multi-employers defined benefit pension plans with over 1,000 participating employers ranging from large cities to local agencies and over half a million active, deferred and retired members including union and non-union employees of municipalities, school boards, local boards, transit systems, electrical utilities, emergency services and children aid societies across Ontario.
APGL
D. Respective markets in which the Parties to the combination operate
Pursuant to the Proposed Transaction, no horizontal, vertical and complementary overlaps arise between the activities of the Acquirer and the Target in any relevant market. Accordingly, the Proposed Transaction will not lead to any change in the competitive dynamics, let alone cause any appreciable adverse effect on competition in India.
On a without prejudice basis, even if a potential vertical overlap were to be considered, as detailed in the merger notification, the Proposed Transaction would not raise the risk of an appreciable adverse effect on competition in India.