Adani Green's acquisition of 100% stake in SB Energy gets CCI nod
On Wednesday, Competition Commission of India (CCI) approved the acquisition of entire shareholdings in SB Energy India to Adani Green Energy.
In May, Adani Green Energy had said it had inked the share purchase agreement with SoftBank Group and Bharti Group for the 100% stake acquisition in SB Energy India for $3.5 billion. This transaction would be the largest renewable energy acquisition in the country.
With the acquisition, Adani Green Energy Limited (AGEL) will achieve a total renewable capacity of 24.3 GW and an operating renewable capacity of 4.9 GW. According to Adani Green Energy's statement, issued in May, SB Energy India has a total renewable portfolio of 4,954 MW across four Indian states.
The Commission has approved the proposed acquisition of the entire shareholdings of SB Energy by Adani Green Energy, the regulator tweeted.