BUSINESS REPORTER
MUSCAT, DEC 10
The Competition Commission of India (CCI), the anti-trust regulator of Inda, has cleared the proposed acquisition of Sembcorp Energy India Ltd by Oman-based Tanweer Infrastructure SAOC, according to a report by Indian news agency PTI.
The deal has been cleared under the green channel route, wherein a transaction that does not raise any risk of an appreciable adverse effect on competition is deemed to be approved on it being intimated to the anti-trust regulator.
Tanweer Infrastructure is indirectly owned by a consortium led by Oman Investment Corporation SAOC in partnership with the Ministry of Defence Pension Fund, Sultanate of Oman.
In a release on CCI’s website, the competition watchdog said it has approved the deal. The proposed combination relates to the acquisition of 100 per cent shareholding of Sembcorp Energy India Ltd (SEIL) by Tanweer Infrastructure.
In September, Singaporean utility firm Sembcorp Industries announced the sale of its entire stake in its India unit to an Omani consortium for Rs 11,734 crore (approximately RO 550 million) as part of its decarbonisation drive.
“There is no (direct or indirect) horizontal, vertical, or complementary overlap between the activities of Tanweer Infrastructure and SEIL in any plausible relevant market in India.
“The proposed combination is notifiable to Competition Commission of India under section 5(a) of the Competition Act, 2002,” CCI said.
SEIL is an independent power producer which directly owns and operates coal-fired power plants in the Indian state of Andhra Pradesh.
