Reliance New Energy Solar Limited
Case brief
What is this about?
The Competition Commission of India assessed a proposed combination where Reliance Solar would acquire up to 51.07% of Sterling and Wilson Solar's voting equity. The Commission found no appreciable adverse effect on competition despite potential vertical overlaps and approved the combination under Section 31(1).
What did the court decide?
Approval of the proposed combination of Reliance New Energy Solar Limited and Sterling and Wilson Solar under Section 31(1) of the Competition Act, 2002.
What the court decided
A compact analysis
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
COMPETITION COMMISSION OF INDIA (Combination Registration No. C-2021/10/879)
14th December 2021
Notice under Section 6 (2) of the Competition Act, 2002 given by Reliance New Energy Solar 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 28th October 2021, the Competition Commission of India ( Commission ) received a notice ( Notice ) under Section 6(2) of the Competition Act, 2002 ( Act ), given by Reliance New Energy Solar Limited ( Reliance Solar/Acquirer ). The Notice was given pursuant to execution of inter alia the Share Purchase Agreement between Reliance Solar, Shapoorji Pallonji and Company Private Limited (SPCPL ) and Khurshed Daruvala on 10th October 2021 (SPA ) and Share Subscription Agreement between Sterling and Wilson Renewable Energy Limited1 ( Sterling and Wilson Solar ), Reliance Solar, SPCPL and Khurshed Daruvala on 10th October 2021 ( SSA ).
Issues for consideration
3 issues framed by the court
Whether the proposed combination involving acquisition of equity shares and credit facilities by Reliance Solar is likely to have an appreciable adverse effect on competition.
Whether the vertical overlap between REC Solar and Sterling and Wilson Solar raises competition concerns.
Whether the Proposed Combination requires registration and approval under Section 31(1) of the Competition Act, 2002.
Parties & counsel
- other
Competition Commission of India
- petitioner
Reliance New Energy Solar Limited
Coram
Ashok Kumar Gupta
Case details
As recorded by the court registry
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