British International Investment (BII), a UK government-owned development finance institution, has approached the Competition Commission of India (CCI) for approval to acquire a stake in ReNew Photovoltaics Pvt Ltd.

The proposed deal involves BII subscribing to securities issued by ReNew Photovoltaics, a company engaged in manufacturing solar modules and cells in India. The parties have clarified that there is no direct overlap in their business operations in the country, although some of BII’s portfolio companies operate in the solar energy segment.

The companies submitted that the deal is unlikely to cause any adverse impact on market competition. CCI has been informed that the relevant market includes both upstream solar manufacturing and downstream solar generation and transmission.ring unit. This funding will be channelled into ReNew Photovoltaics, the group's solar manufacturing arm.

Founded in 2021, the firm operates a 6.4 GW module unit and a 2.5 GW cell facility in Jaipur and Dholera, respectively. With BII's investment, ReNew will add a new 4 GW TOPCon cell plant in Dholera, increasing total cell capacity to 6.4 GW.

Source:PTI via The Week