ReNew Power Limited & Canada Pension Plan Investment Board
Case brief
What is this about?
The Competition Commission of India approved the acquisition of 100% share capital of Ostro Energy Private Limited by Renew Power Limited notified jointly by CPPIB and ReNew. The Commission found no appreciable adverse effect on competition due to low combined market shares and presence of other players.
What did the court decide?
Approval granted to the acquisition of 100% share capital of Ostro Energy Private Limited by Renew Power Limited.
What the court decided
COMPETITION COMMISSION OF INDIA (Combination Registration No. C-2020/02/729)
10th July, 2020
Notice jointly filed by Canada Pension Plan Investment Board and Renew Power Limited
CORAM:
Mr. Ashok Kumar Gupta Chairperson
Ms. Sangeeta Verma Member
Mr. Bhagwant Singh Bishnoi Member
Order under Section 31(1) of the Competition Act, 2002
- On 24th February, 2020, Competition Commission of India ( Commission ) received a notice ( Notice ) jointly filed by Canada Pension Plan Investment Board ( CPPIB ) and Renew Power Limited ( ReNew ). This Notice has been filed pursuant to the direction of the Commission, communicated vide letter dated 21st January 2020, to CPPIB and ReNew to jointly notify the acquisition of 100% share capital of the Ostro Energy Private Limited ( Ostro ) by ReNew. The said acquisition is hereinafter referred to as Ostro Transaction .
- Earlier, on 27th November, 2017, CPPIB gave an notice bearing Combination Registration No. C-2017/11/536, under Section 6(2) of the Competition Act, 2002 ( Act ) regarding its proposed acquisition of about 16.33% of the equity share capital of ReNew ( ReNew Transaction ). ReNew Transaction contemplated the following two acquisitions:
Issues for consideration
3 issues framed by the court
Whether the acquisition of 100% share capital of Ostro Energy Private Limited by Renew Power Limited is likely to have an appreciable adverse effect on competition.
Whether the combination of Canada Pension Plan Investment Board and Renew Power Limited warrants approval under the Competition Act.
Whether the market shares of the parties indicate any competition concern in the power generation sector.
Parties & counsel
- other
Competition Commission of India
- applicant
Canada Pension Plan Investment Board
- applicant
Renew Power Limited
Coram
Case details
As recorded by the court registry
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