British International Investment seeks CCI nod to acquire stake in ReNew Photovoltaics
British International Investment
has sought fair trade regulator CCI's clearance to acquire a stake in
solar manufacturing
firm
Renew Photovoltaics
. British International Investment (BII) is a development finance institution wholly owned by the UK Government.
"The combination relates to an investment by the acquirer (British International Investment) in the target (ReNew Photovoltaics Pvt Ltd) through subscription to securities of the target," a notice filed with the
Competition Commission of India
(CCI) said on May 21.
Renew Photovoltaics is engaged in the manufacturing of
solar modules and cells
in India.
The parties have clarified that there are no direct horizontal or vertical overlaps between their respective businesses in India. However, some of BII's
portfolio
companies are active in the
solar energy sector
in the country.
The parties have submitted that the proposed combination will not result in any appreciable adverse effect on competition in India.
To assist the CCI in its review of the proposed combination, the parties said the relevant
markets
could include the upstream segment for the manufacturing of solar modules and solar cells and the downstream segment for the generation and transmission of solar power in India.
Earlier this month, ReNew Energy Global Plc announced that it has secured an investment of Rs 870 crore (around USD 100 million) from British International Investment to accelerate the growth of its solar manufacturing
business
in India.
The investment will be made in ReNew Photovoltaics, the company's dedicated solar manufacturing subsidiary in India.
Established in 2021, ReNew Photovoltaics comprises an operational 6.4 GW solar PV module facility and a 2.5 GW solar cell facility, located in Jaipur, Rajasthan, and Dholera, Gujarat.
BII's investment will be primarily utilised to grow the business and expand the company's manufacturing capacity through the construction of a new 4 GW TOPCon cell facility in Dholera, Gujarat. Post-expansion, ReNew's total manufacturing capacity will be approximately 6.4 GW of modules and 6.4 GW of cells.
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