CCI approves British oil major Shell’s acquisition of energy firm Solenergi Power – EQ Mag Pro

Competition Commission of India (CCI) has cleared the British oil and gas major Shell-Solenergi Power deal

The Competition Commission of India (CCI) on July 12, 2022 approved British oil and gas major Shell’s proposed acquisition of renewable energy firm Solenergi Power. While the deal was announced in April this year, the CCI said it has cleared the “acquisition of 100% shareholding and sole control of Solenergi Power Pvt Ltd by Shell Overseas Investments BV.”

It is important to note that deals between firms beyond a certain threshold have to be approved by the CCI, as it allows the regulator to keep a tab on unfair business practices while also promoting fair competition in the marketplace.

The Competition Commission of India in its official release notified that the “CCI approves acquisition of Solenergi Power Private Limited (Target) by Shell Overseas Investments B.V.’s (Acquirer) from Actis Solenergi Limited under Section 31(1) of the Competition Act, 2002, yesterday.”

“The proposed combination pertains to acquisition of 100% shareholding and sole control of the Target by the Acquirer. Acquirer is a company incorporated in the Netherlands and is a part of the Shell group. It is a holding company. Shell Plc is the ultimate holding company and directly and indirectly owns investments in various companies (Shell Group),” the release notified.

Notably, Shell Plc shares are listed on the London Stock Exchange, Euronext Amsterdam and the New York Stock Exchange, “the Shell Group is a global group of energy and petrochemical companies with 83,000 employees in more than 70 countries. Target is an investment company incorporated in Mauritius, belonging to the Actis group. It currently has investments in the renewable energy sector in India,” the CCI release shared.

Incorporated in Mauritius, Solenergi Power Pvt Ltd supplies solar and wind power to electricity distribution companies in India and it is the direct shareholder of the Sprng Energy group of companies in India, according to PTI report. In another development, the regulator tweeted, saying that it has approved the deal involving Dilip Buildcon Ltd (DBL) and Shrem InvIT.

CCI has given its nod for the “acquisition of 100 per cent of the equity in ten road infrastructure projects by ShremInvIT from Dilip Buildcon Ltd (DBL) and acquisition of certain units of Shrem InvIT by DBL”. Bhopal-based Dilip Buildcon Ltd is into construction and infrastructure development while Shrem InvIT (Investment Infrastructure Trust) is engaged in the infrastructure projects space.

Source: PTI