Competition Commission clears Adani-Total Solar joint venture

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The Competition Commission of India (CCI) has approved the acquisition of various solar energy assets by a joint venture of Adani Energy and Total Solar. Adani Green Energy Twenty Three Ltd — a joint venture of Total Solar Singapore Pte Ltd and Adani Green Energy Ltd — will buy the assets from Adani Green Energy Ltd.

In a tweet on Tuesday, CCI said it has approved “acquisition of solar energy generation assets by Adani Green Energy Twenty Three Ltd – a joint venture of Total Solar Singapore Pte. Ltd. & Adani Green Energy Limited”.

The CCI has approved the acquisition of solar energy generation assets of Adani Green Energy Ten Limited (AGE10L) by Adani Green Energy Twenty-Three Ltd (AGE23L). An official statement said these approvals are under Section 31(1) of the Competition Act, 2002.

AGE23L is a joint venture company, jointly controlled by Total Solar Singapore Limited and Adani Green Energy Limited. AGE23L (through its subsidiaries) is engaged in the business of solar power generation in the country.

The assets proposed to be acquired consist of TN Urja Private Limited, Essel Urja Private Limited, PN Renewable Energy Limited, PN Clean Energy Limited, KN Indi Vijaypura Solar Energy Private Limited and KN Bijapura Solar Energy Private Limited.

KN Muddebihal Solar Energy Private Limited, KN Sindagi Solar Energy Private Limited, Essel Bagalkot Solar Energy Private Limited and Essel Gulbarga Solar Power Private Limited are also in the list of companies to be acquired.

Adani Green Energy Ten Limited (AGE10L) is the holding company of the companies that are being acquired, the statement added.

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