KKR has received approval from the Competition Commission of India (CCI) to acquire a stake in Gentari Renewables India, a clean energy platform backed by Malaysia’s Petroliam Nasional Berhad (PETRONAS). The clearance advances the global investment firm’s proposed entry into the company’s Indian renewable energy and battery storage business.

KKR will make the investment through its affiliate Sapphire US HoldCo (USA), which will subscribe to specified securities of Gentari Renewables India. The CCI announced the approval on Tuesday under the competition law framework governing transactions that cross prescribed asset or turnover thresholds.

Gentari Renewables India is engaged in power generation from renewable energy sources and the provision of battery energy storage solutions in India. The company is an indirect wholly owned subsidiary of Petroliam Nasional Berhad and forms part of the Malaysian multinational energy group’s operations.

The regulatory approval follows the proposed investment announced in October. KKR is expected to acquire the stake in the Indian business for around Rs. 60 bn, strengthening its presence in the country’s clean energy and power infrastructure sectors.

KKR already has investments in several Indian clean energy and infrastructure platforms. Its portfolio includes Hero Future Energies, Serentica Renewables and IndiGrid, a company focused on power transmission and renewable energy infrastructure.

CCI approval is required for combinations that meet specified asset or turnover criteria. The review is intended to assess whether transactions could adversely affect competition or facilitate anti-competitive business practices. The approval allows the proposed investment in Gentari Renewables India to proceed under the applicable regulatory framework.