Greenforest New Energies' purchase of a stake in Tata Power Renewable is approved by CCI

27 Jul 2022 , 08:47 AM

The purchase of a stake by Greenforest New Energies Bidco in Tata Power Renewable Energy Ltd (TPREL) has been given the Competition Commission’s approval.

The proposed deal relates to Greenforest New Energies Bidco, a joint venture between BlackRock and Mubadala Investment Company, buying up to 11.43% of TPREL.

The Competition Commission of India (CCI) announced on Twitter on Tuesday that it has given the go-ahead for BlackRock and Mubadala to indirectly purchase a stake in Tata Power Renewable Energy Ltd.

BlackRock Alternatives Management, LLC and Mubadala Investment Company PJSC jointly and indirectly established Greenforest as an investment vehicle to carry out the proposed transaction.

Tata Power Company Ltd.’s wholly-owned subsidiary TPREL is how it conducts its renewable energy business in India.
Deals that exceed a certain threshold need CCI’s clearance because it monitors unethical business practices in the marketplace.