The Competition Commission of India (CCI) on Tuesday approved Sapphire US HoldCo’s proposed subscription to certain securities of Gentari Renewables India. Sapphire US HoldCo is an investment vehicle indirectly owned by funds and accounts advised and managed by subsidiaries of KKR, a global investment firm. The transaction’s financial details have not been disclosed.

The regulator said Gentari Renewables India is an indirect wholly owned subsidiary of Malaysia’s Petronas and belongs to the Petronas group. The company generates power from renewable energy sources and provides battery energy storage solutions in India.

Sapphire US HoldCo was incorporated as a special purpose vehicle solely for the proposed transaction, according to the CCI. The approval allows the securities subscription to proceed under India’s competition law framework, although the regulator has not specified the type of securities involved or the stake that Sapphire US HoldCo would acquire.

The investment comes as India’s clean energy sector seeks substantial capital for expansion. Santosh Kumar Sarangi, secretary at the Ministry of New and Renewable Energy, has estimated that the country requires $220 bn by 2030 for renewable energy deployment, manufacturing, transmission, energy storage and green hydrogen. About $64 bn entered India’s renewable energy sector between July 2024 and June 2026, including $6.2 bn through foreign direct investment.

Gentari has expanded its Indian renewable energy portfolio through acquisitions and partnerships. In March 2025, it acquired a 1.6 GW portfolio of solar and wind assets from Brookfield Asset Management. The company had also been targeting nearly 30 GW of renewable energy capacity by 2030. The CCI examines mergers and acquisitions crossing prescribed thresholds under the Competition Act, 2002, to determine whether they could harm competition in relevant markets. A detailed order on the transaction is awaited.