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Sapphire US Holdco (USA), LLC proposes to subscribe to securities of Gentari Renewables India Pte. Ltd. The Acquirer is a special purpose vehicle managed by subsidiaries of KKR & Co. Inc. The Target provides power generation through renewable energy sources and battery energy storage solutions in India. The transaction involves horizontal overlaps in power generation and energy storage markets. It also involves vertical linkages between power generation and power transmission markets. The parties state the transaction does not cause competition concerns due to low market shares and high market competition.
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SUMMARY OF THE PROPOSED COMBINATION
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
C. Products, services and business(es) of the parties to the combination
Acquirer: The Acquirer is a special purpose vehicle incorporated solely for the purpose of the Proposed Transaction. It is indirectly owned by vehicles and/or accounts advised and managed by various subsidiaries of KKR & Co. Inc. It does not have any business activities in India.
Target: The Target is engaged in the provision of power generation through renewable energy sources and battery energy storage solutions in India.
D. Respective markets in which the parties to the combination operate
At the outset, it is humbly submitted that the Proposed Transaction does not lead to any competition concerns whatsoever, as the Parties involved have low market shares, and the markets in question are highly competitive, with several large players with significant market shares.
Therefore, it is submitted that the precise definition and delineation of the relevant market for the identified overlaps could be left open.
However, for ease of reference, the following relevant markets may be considered:
