CCI Clears Gentari Renewables' Acquisition of 21 Special Purpose Vehicles

09 Jan 2025 CW Team

The Competition Commission of India (CCI) approved the proposal by US-based global investment firm Carlyle to acquire a 68.9 per cent stake in Roop Automotives (RAL). The regulator explained that the proposed transaction includes several interconnected steps, including a securities swap between Highway Industries (HIL) shareholders and RAL, ultimately leading to the acquisition of up to 68.9 per cent of RAL's shareholding by the investor.

CA Carob Investments, the Mauritius-based special-purpose vehicle (SPV), is controlled by affiliates of the Carlyle Group. As of September 30, 2024, Carlyle manages assets worth $447 billion.

Both RAL and HIL are involved in the manufacturing and sale of auto components. The CCI confirmed the approval of the proposed combination, which involves interconnected steps, including the acquisition of a 68.9 per cent stake in RAL by CA Carob Investments.

In a separate release, CCI also cleared Gentari Renewables India 's proposed acquisition of 21 special purpose vehicles (SPVs), which own renewable power generation plants and holding companies of other SPVs. Gentari Renewables India, an indirect subsidiary of Petroliam Nasional Berhad, focuses on providing clean energy solutions, including renewable energy, hydrogen, and green mobility.

The SPVs involved in the deal are engaged in power generation and sales through wind turbines and solar power plants. These transactions, which exceed certain thresholds, require approval from the CCI, which monitors business practices to ensure fair competition in the market.

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