The Competition Commission of India has approved the proposed investment by British International Investment plc in ReNew Photovoltaics Private Limited.

British International Investment plc. (Acquirer) is a development finance institution, wholly owned by the UK Government, which provides scarce and patient capital to private sector entrepreneurs in developing countries.

ReNew Photovoltaics Private Limited. (Target) is engaged in the manufacturing of solar modules and solar cells in India.      

The proposed combination relates to an investment by the Acquirer in the Target through subscription to securities of the Target (Proposed Combination).                                                                                                  

Detailed order of the Commission will follow.

Competition approval for a development finance institution's equity subscription into a solar module manufacturer after merger review. The Competition Commission of India granted approval for the proposed investment by British International Investment plc in ReNew Photovoltaics Private Limited through the Acquirer's subscription to securities of the Target; the Acquirer is a UK Government-owned development finance institution and the Target manufactures solar modules and solar cells in India, and a detailed order will follow.