The Competition Commission of India (CCI) approves acquisition of stake in Tata Power Renewable Energy Limited (TPREL) by Greenforest New Energies Bidco Limited (Greenforest). The proposed combination relates to internal reorganization of TPREL and acquisition of up to 11.43% of the equity share capital of TPREL by Greenforest.
Greenforest is an investment vehicle indirectly incorporated by BlackRock Alternatives Management, LLC. (BAM) and Mubadala Investment Company PJSC (MIC) for undertaking the Proposed Combination.
BAM is a wholly owned subsidiary of BlackRock. 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. BlackRock manages assets on behalf of institutional and individual investors worldwide.
MIC is an investment vehicle of the Government of Abu Dhabi. It manages investment and development in various industries including energy, utilities and real estate.
Tata Power Renewable Energy Limited (TPREL) is a wholly owned subsidiary of Tata Power Company Limited (TPCL) through which TPCL undertakes its renewable energy business in India. TPREL’s primary business is generation of power through renewable sources of energy.
A detailed order of the CCI will follow.
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