CCI Approves Vishakha Group’s Multi-Entity Restructuring, Including Renewable Energy Business Merger and Asset Transfers

The Competition Commission of India (CCI) has approved the proposed restructuring of the Vishakha Group’s renewable energy and allied businesses, involving a series of mergers, amalgamations, and business transfers across multiple group entities.

Under the approved structure, Vishakha Renewables Private Limited (VRPL) will merge with and into Vishakha Glass Private Limited (VGPL), following the restructuring of its renewables business. The combined steps form part of the overall proposed combination cleared by the regulator.

As part of the transaction, VRPL will transfer its pipes and mouldings divisions to Progressive Pipes Private Limited (PPPL) on a slump sale basis as a going concern. Additionally, Vishakha Renewables 1 Private Limited (VR1PL), Vishakha Metals Private Limited (VMPL), and Vishakha Metals 1 Private Limited (VM1PL) will be amalgamated into VRPL prior to the final merger with VGPL.

VRPL is engaged in the manufacturing of solar system components, including EVA encapsulants and back sheets, along with micro irrigation systems, PVC and HDPE pipes, and plastic products such as pallets, crates, and bins.

The entity also operates through subsidiaries focused on solar and metal component manufacturing. VR1PL was incorporated for solar panel components, VMPL for aluminium frames and ancillary solar parts, and VM1PL for broader metal component manufacturing.

Meanwhile, VGPL focuses on manufacturing solar glass used in solar energy systems, while PPPL operates in irrigation systems and pipe manufacturing, including PVC, HDPE, and MDPE products, along with trading activities.

The CCI noted that the detailed order outlining the rationale and assessment of the combination will be issued separately.