The Competition Commission of India (CCI) approves formation of Joint Venture between Adani Green Energy Limited and Total S.A. in the business of power generation through solar energy in India.

The proposed combination envisages Adani Green Energy Limited transferring certain of its subsidiaries to a newly incorporated company (JV). Subsequently, Total S.A. would directly or indirectly acquire 50% of the equity share capital of the JV.

Total S.A. is the ultimate parent entity of the Total Group. Total Group is an international integrated energy producer with operations in every sector of the oil and gas industry. Total Group is also involved in renewable energy and power generation sectors in India.

The Target Companies are active in the business of power generation through solar energy in India.

Detailed order of the CCI will follow.

Competition approval for joint venture in solar power enables equal equity acquisition and transfer of subsidiaries. CCI approved a joint venture in solar power between Adani Green Energy and Total S.A., under which Adani Green will transfer certain subsidiaries into a newly incorporated JV and Total S.A. will directly or indirectly acquire an equal equity stake in that JV; the Target Companies operate in solar power generation and a detailed CCI order will follow.