The Competition Commission of India (CCI), stated that it cleared the acquisition of Sembcorp Energy India Ltd (SEIL) by Tanweer Infrastructure SAOC.
The transaction was approved under the green channel route. This means that a transaction that does not raise any risk of an appreciable adverse effect on competition is deemed to be approved on it being intimated to the anti-trust regulator.
Tanweer Infrastructure is owned indirectly by Oman Investment Corporation SAOC (OIC) in partnership with the Ministry of Defence Pension Fund, Sultanate of Oman.
Tanweer Infrastructure proposes to acquire 100 percent of SEIL.
Sembcorp Industries, a Singaporean utility company, announced in September that it would sell its entire stake at India’s unit to an Omanese consortium for Rs 11,734 crore. This was part of its drive towards decarbonisation.
“There is no (directly or indirectly) horizontal, vertical or complementary overlap between Tanweer Infrastructure’s activities and SEIL in any relevant market in India.” CCI stated that the proposed combination is permissible to Competition Commission of India pursuant to section 5(a), Competition Act, 2002.
SEIL, an independent power producer, directly owns and manages coal-fired power stations in Andhra Pradesh.