Companies

CCI nod for Adani Green’s 100% buy of SB Energy

Our Bureau New Delhi | Updated on July 01, 2021

A view of Adani Green Energy (Tamilnadu) Kamuthi in Ramanathapuram district (file photo)   -  The Hindu

It is expected to help Adani Green achieve total renewable capacity of 24.3 GW

The Competition Commission of India (CCI) has approved the acquisition of SB Energy Holding Limited (Target) by Adani Green Energy Limited (Acquirer).

It maybe recalled that Adani Green had in May this year said that it had inked share purchase agreements with SoftBank Group and Bharti Group for acquisition of 100 per cent stake in SB Energy India for $3.5 billion. This transaction was billed as the largest acquisition in the renewable energy sector in the country.

It is expected to help Adani Green achieve total renewable capacity of 24.3 GW. SB Energy India has a total renewable portfolio of 4,954 MW spread across four States in India.

Also read: Promoters buy ₹1,810 crore worth of APSEZ, Adani Green shares

In India, the Acquirer (Adani Green) and its subsidiaries are engaged in the business of power generation inter alia through (i) solar energy, (ii) wind energy and (iii) hybrid energy, an official release said.

The Target (SB Energy) through various special purpose vehicles (SPVs) is engaged in generation, supply and sale of electricity and energy produced from renewable sources. The Target is the ultimate holding company for SPVs formed in India that focus on developing renewable energy projects, it added.

Synnex corporation

Meanwhile, the CCI has also approved the merger of Tech Data Corporation with SYNNEX Corporation. SYNNEX, which is listed in New York Stock Exchange, is headquartered in Fremont, California and provides technology products and solutions for Information Technology (IT) systems to resellers and retail customers.

Also read: Adani group’s market cap plunges ₹1.6 lakh cr

Tech Data is entirely owned by Tiger Parent, which is a Corporation formed in accordance with the laws of the State of Delaware, US.

Published on July 01, 2021

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