CCI Approves Greenforest New Energies Bidco Limited's Acquisition of a Stake in Tata Power Renewable Energy Limited

Greenforest New Energies Bidco Limited has received approval from the Competition Commission of India (CCI) to acquire a stake in Tata Power Renewable Energy Limited. The proposed combination involves TPREL's internal reorganization and Greenforest acquiring up to 11.43 percent of TPREL's equity share capital.

Greenforest New Energies Bidco Limited (Greenforest) is an investment vehicle indirectly formed by BlackRock Alternatives Management, LLC (BAM) and Mubadala Investment Company PJSC (MIC) to carry out the Proposed Combination.

BAM is a wholly owned subsidiary of BlackRock. BlackRock is a publicly traded company in the United States that provides global investment management, risk management, and advisory services to institutional and retail clients. BlackRock manages assets for institutional and individual investors worldwide.

The Abu Dhabi Government's investment vehicle is MIC. It oversees investment and development in a variety of sectors, including energy, utilities, and real estate.

Tata Power Renewable Energy Limited (TPREL) is a wholly owned subsidiary of Tata Power Company Limited (TPCL) that handles the company's renewable energy operations in India. TPREL's primary business is power generation using renewable energy sources.

As rivals Adani Group and Reliance Industries (RIL) expand their clean energy portfolios as India transitions from fossil fuels to green fuels, Tata Power announced on Thursday that it will invest over 75,000 crore in renewables over the next five years.

Tata Power chairman N Chandrasekaran stated that the company aims to generate 30 GW of electricity during the same time period, with more than half coming from clean energy sources.

He also stated that the company is equally focused on growing consumer-centric and new-age energy solutions – solar rooftop, EV chargers, solar pumps, smart metering, and energy management solutions – putting power in the hands of consumers.