The Competition Commission of India (CCI) approves acquisition of of the share capital of eighteen subsidiaries of Mytrah Energy (India) Private Limited by JSW Neo Energy Limited under Section 31(1) of the Competition Act, 2002.

The proposed combination pertains to acquisition of shareholding of 18 (eighteen) subsidiaries (Targets) of Mytrah Energy (India) Private Limited (Mytrah) through individual share purchase agreements by JSW Neo Energy Limited (Acquirer) (Proposed Combination). The Proposed Combination presents an opportunity to the Acquirer to acquire an operational renewable portfolio of 1,753 MW.

JSW Neo Energy Limited

The Acquirer is a wholly owned subsidiary of JSW Energy Limited (“JEL”) and was incorporated as per JEL’s proposed reorganisation of its energy business into grey (thermal) and green (renewable). Currently, the Acquirer is engaged in power generation through renewable sources of energy such as hydro and solar.

Mytrah Energy (India) Private Limited

The Targets are subsidiaries of Mytrah and are engaged in power generation through renewable sources of energy, viz., wind and solar.

Detailed order of the CCI will follow.

Merger control approval under Section 31 enables JSW Neo Energy to acquire Mytrah's renewable subsidiaries. The Competition Commission approved, under Section 31(1) of the Competition Act, 2002, JSW Neo Energy Limited's acquisition of the share capital of eighteen Mytrah Energy subsidiaries via individual share purchase agreements, transferring an operational renewable portfolio comprising the targets' wind and solar power generation assets to the acquirer; a detailed CCI order will follow.