The Competition Commission of India (CCI) approves acquisition of of the share capital of eighteen subsidiaries of Mytrah Energy (India) Private Limited by JSW Neo Energy Limited under Section 31(1) of the Competition Act, 2002.
The proposed combination pertains to acquisition of shareholding of 18 (eighteen) subsidiaries (Targets) of Mytrah Energy (India) Private Limited (Mytrah) through individual share purchase agreements by JSW Neo Energy Limited (Acquirer) (Proposed Combination). The Proposed Combination presents an opportunity to the Acquirer to acquire an operational renewable portfolio of 1,753 MW.
JSW Neo Energy Limited
The Acquirer is a wholly owned subsidiary of JSW Energy Limited (“JEL”) and was incorporated as per JEL’s proposed reorganisation of its energy business into grey (thermal) and green (renewable). Currently, the Acquirer is engaged in power generation through renewable sources of energy such as hydro and solar.
Mytrah Energy (India) Private Limited
The Targets are subsidiaries of Mytrah and are engaged in power generation through renewable sources of energy, viz., wind and solar.
Detailed order of the CCI will follow.