CCI clears Tanweer Infrastructure's acquisition

13 Dec 2022 CW Team

New Delhi: The Competition Commission of India (CCI) announced on Friday that it has approved Tanweer Infrastructure SAOC's proposed acquisition of Sembcorp Energy India Ltd.

The acquisition has been accepted through the "green channel" procedure, which deems a transaction as approved if it has been informed to the anti-trust regulator and has no risk of having a significant unfavourable effect on competition.

A group led by Oman Investment Corporation SAOC (OIC) and including the Ministry of Defence Pension Fund, Sultanate of Oman, indirectly owns Tanweer Infrastructure.

The competition watchdog announced its approval of the agreement in a statement on CCI's website. The proposed merger entails Tanweer Infrastructure purchasing the entire stock of Sembcorp Energy India Ltd. (SEIL).

As part of its decarbonization efforts, Singapore utility company Sembcorp Industries announced in September that it had sold its whole stake in its India operation to an Omanese consortium for Rs 11,7340 Million.

"In any conceivable relevant market in India, there is no (direct or indirect) horizontal, vertical, or complementary overlap between the activities of Tanweer Infrastructure and SEIL. According to Section 5(a) of the Competition Act of 2002, the proposed combination must be notified to the Competition Commission of India "explained CCI.

In Andhra Pradesh, SEIL, an independent power producer, directly owns and manages coal-fired power plants.

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