The Competition Commission has approved the proposed subscription of certain securities of Gentari Renewables India Pte. Ltd. by Sapphire US HoldCo (USA), LLC, marking a potential investment transaction involving the Indian renewable energy sector.
Sapphire US HoldCo (USA), LLC, the acquirer, is a special purpose vehicle established exclusively for the proposed transaction. It is indirectly owned by investment vehicles and accounts advised and managed by various subsidiaries of KKR & Co. Inc., a global investment firm.
Gentari Renewables India Pte. Ltd., the target company, is an indirect wholly owned subsidiary of Petroliam Nasional Berhad (PETRONAS) and forms part of the PETRONAS group. The company operates in India’s renewable energy sector, focusing on power generation through renewable energy sources and battery energy storage solutions.
The approval clears the regulatory requirement for the proposed securities subscription. The transaction highlights continued investment interest in India’s renewable energy market, particularly in clean power generation and energy storage infrastructure.
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