CCI accepts Shell’s proposal to acquire energy company Solenergi Power

CCI accepts Shell’s proposal to acquire energy company Solenergi Power

The Competition Commission of India (CCI) has finally approved British oil and gas giant Shell’s proposed acquisition of energy firm Solenergi Power.

Earlier announced in April, the deal did not receive CCI approval until now, allowing Shell Overseas Investments BV complete control of Solenergi Power Pvt. Ltd. with the acquisition of 100% shareholding.

Imperative to note that when any deal between two entities exceeds a certain threshold it requires approval from the CCI, as it ensures authenticity and allows the regulator to monitor acquisitions closely and prevent unfair business practices whilst promoting fair competition in the market.

In its official release, CCI describes the proposition that seeks 100% takeover of shares and sole control of the target firm and also provides brief information about the Netherlands-based company which is a part of the Shell group.

It is worth noting that the shares owned by Shell Plc are listed on the London Stock Exchange, New York Stock Exchange, and Euronext Amsterdam and the energy group has a solid global footprint with 83,000 employees across more than 70 countries.

Meanwhile, Target is a Mauritius-based investment firm owned by Actis Group and has multiple investments in the renewable energy sector of India.

Credible reports have cited that Solenergi Power provides solar and wind power to electricity distribution companies in the country and is the direct shareholder of the Sprng Energy Group of companies in India.

Meanwhile, CCI recently approved the deal between Dilip Buildcon (DBL) and Shrem InvIT, announcing the development on its Twitter handle.

The regulator approved the acquisition of 100% of the equity in ShremInvIT-led ten road infrastructure projects from Dilip Buildcon along with the acquisition of ShremInvIT’s certain units.

Headquartered in Bhopal, Dilip Buildcon specializes in the space of construction and infrastructure development, whereas Shrem InvIT (Investment Infrastructure Trust) is an active participant in the field of infrastructure projects.

Source Credit: https://www.livemint.com/news/india/cci-approves-british-oil-major-shell-s-acquisition-of-energy-firm-solenergi-power-11657608171711.html