New Delhi, The Competition Commission of India (CCI) on Tuesday cleared Japanese firm Chubu Electric Power Company’s proposal to acquire a stake in Continuum Green Energy.
Continuum Green Energy and its various subsidiaries in India are engaged in the business of sale and generation of power through renewable sources such as wind and solar.
“The proposed combination comprises acquisition of certain equity shareholding in Continuum Green Energy Limited by Chubu Electric Power Company Netherlands BV by way of both primary subscription and secondary purchase of the equity shares from Continuum Green Energy Holdings Ltd, Singapore,” the regulator said in a release.
Chubu Electric Power Company Netherlands BV is a wholly-owned subsidiary of Japan-based Chubu Electric Power Company Inc.
Chubu Electric Power Company is engaged in the generation, distribution and transmission of solar, wind and nuclear power, among other activities.
In a post on X, the regulator said, “CCI approves acquisition of certain equity shareholding in Continuum Green Energy Limited by Chubu Electric Power Company Netherlands BV.”
In June this year, Chubu Electric Power entered into agreements to invest around 23 billion yen (Rs 1,350 crore) in Continuum Green Energy.
Continuum supplies electricity to India’s commercial and industrial (C&I) sector through corporate power purchase agreements.
In a separate release, the anti-trust watchdog said that it has approved the acquisition of a majority of the shares and voting rights in Everllence SE by funds managed and/or advised by Bain Capital Investors LLC.
“The proposed combination involves the indirect acquisition of a majority of the shares and voting rights in Everllence SE and a number of its direct and indirect subsidiaries by funds managed and/ or advised by Bain Capital Investors LLC from Volkswagen Aktiengesellschaft by way of a share transfer,” CCI said.
Nikolaus (BC) Bidco GmbH is a special purpose vehicle that is ultimately controlled by funds managed and/ or advised by Bain Capital, a US-based private investment firm.
Everllence is a wholly-owned subsidiary of German automotive conglomerate Volkswagen.
It is an engineering company specialising in propulsion, decarbonisation and efficiency solutions for the marine industry, the energy sector and industrial applications.
Deals beyond a certain threshold require approval from CCI. The regulator keeps a watch on unfair business practices and also promotes fair competition in the marketplace.
