Competition Commission of India approves Shanghvi's deal with Suzlon

Competition Commission has cleared billionaire Dilip Shanghvi 's proposed Rs 1,800 crore stake buy in wind turbine maker Suzlon Energy.

The deal, announced in February this year, would see Shanghvi acquiring at least 23 per cent stake in Suzlon which has been grappling with tough business conditions.

In a tweet on Friday, the Competition Commission of India (CCI) said it has approved "acquisition of shares in Suzlon by Aalok D Shanghvi & Others".

Suzlon has entered into definitive agreements with Dilip Shanghvi Family and Associates (DSA) for equity investments of Rs 1,800 crore in the company. Post allotment, DSA wold have 23 per cent stake in the wind turbine maker while the Tanti Family would have 24 per cent shareholding.

When the deal was announced in February, Suzlon Group Chairman Tulsi Tanti had said that support from Shanghvi and family would help in creating a long term sustainable value for the stakeholders.