PIB News Update: The Competition Commission of India (CCI) approves the acquisition of (i) Orix Wind SPVs by Greenko Energy Holdings (GEH) from ORIX Corporation (Orix) and (ii) equity stake in GEH by Orix under Section 31(1) of the Competition Act, 2002, today.
GEH is the holding company of the Greenko group of companies. The principal business activity of Indian subsidiaries of GEH is owning, developing, constructing and maintaining power generation projects.
Orix is the holding company of the Orix group of companies offering a wide variety of services, including corporate financial services (financing, leasing, and solutions for small and medium-size enterprises), maintenance leasing (automobile leasing, rental and car sharing and IT-related equipment rentals and leasing), real estate, private equity investments, life insurance, banking and credit, asset management, environment and energy services (including power generation).
Orix Wind SPVs are subsidiaries of Orix and are primarily engaged in power generation and associated services.
Pursuant to the proposed combination (i) GEH (and/or a subsidiary of GEH) will acquire equity stake in the Orix Wind SPVs from Orix and (ii) Orix will acquire equity stake in GEH.
Detailed order of the Commission will follow.