CCI Okays IFC, ADB, and DEG Stake Acquisition in Fourth Partner Energy

03 Jan 2025 CW Team

The Competition Commission of India (CCI) has approved a proposal by the International Finance Corporation (IFC), the Asian Development Bank (ADB), and Germany's DEG to acquire a stake in Fourth Partner Energy Pvt Ltd (FPEL). IFC, part of the World Bank Group, is a leading global development institution focused on private-sector growth in emerging markets. The regulator announced its decision on social media, stating, "Commission approves the acquisition of certain shareholding of Fourth Partner Energy Pvt Ltd jointly by IFC, ADB, and DEG." Fourth Partner Energy is one of India's top renewable energy companies, specialising in the development and financing of renewable energy projects. Earlier in August, IFC, ADB, and DEG collectively committed an investment of $275 million into FPEL to support the company's expansion. The funds will be used to help FPEL achieve its goal of building a 3.5 GW renewable energy portfolio by 2026. DEG, which focuses on financing private enterprises in developing countries, emphasised its mandate to promote sustainable development. In a separate decision, CCI also approved the acquisition of Kellanova's equity shares by US-based Mars Inc., known for its snacking, food, and pet care products. Kellanova, a global leader in snacking, cereals, and frozen foods, owns iconic brands like Pringles, Pop-Tarts, and Kellogg's. The $35.9 billion acquisition deal between Mars and Kellanova, announced in August, reflects Mars’ strategic expansion into global snacking and food markets. CCI's approval was required as the deals surpassed regulatory thresholds aimed at ensuring fair competition and monitoring market practices.

(ET)

Infrastructure Transport

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