PIB News Update: The Competition Commission of India (CCI) approves acquisition by Total SE (‘Total/Acquirer’) through its subsidiary Total Renewables SAS in share capital of Adani Green Energy Limited (“AGEL”) under Section 31(1) of the Competition Act, 2002, today
The Proposed Combination entails minority investment by Total SE, through its wholly owned subsidiary Total Renewables SAS, in AGEL which is the renewable energy arm of the Adani Group.
Total SE is the ultimate parent entity of the Total Group. Total SE (along with its subsidiaries and affiliates) (Total Group) is an international integrated energy producer with operations in every sector of the oil and gas industry. Total Group is also involved in the renewable energy and power generation sectors.
AGEL is a public listed company incorporated in India, listed on the BSE Limited and National Stock Exchange of India Limited. AGEL is engaged in power generation through renewable energy in India (i.e. through solar and wind energy). AGEL is also engaged in the business of development of solar parks.
Detailed order of the CCI will follow.