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CCI green lights minority stake-buy in Azure Power Global by OMERS Infrastructure Asia Holdings

CCI green lights minority stake-buy in Azure Power Global by OMERS Infrastructure Asia Holdings

The acquirer is an investment entity of OMERS Administration Corporation (OAC), while Azure Power is engaged in producing and selling solar power in India

The acquirer is an investment entity of OMERS Administration Corporation (OAC) (Source: PTI) The acquirer is an investment entity of OMERS Administration Corporation (OAC) (Source: PTI)

The Competition Commission of India (CCI) on Friday approved acquisition of certain shareholding in Azure Power Global Ltd from its existing shareholders by OMERS Infrastructure Asia Holdings Pte Ltd, under the green channel route. Green channel is an automatic approval system, whereby a combination is deemed to have been approved by the CCI upon receiving the filing of the notice for the combination by the parties concerned.

"The proposed transaction relates to the acquisition of a minority shareholding of approximately 19.36 per cent in Azure Power Global Limited (Target) by OMERS Infrastructure Asia Holdings Pte. Ltd. (Acquirer), from its existing shareholders," according to a statement.

The acquirer is an investment entity of OMERS Administration Corporation (OAC), while Azure Power is engaged in producing and selling solar power in India.

The proposed transaction has been notified under the green channel route since there are no horizontal overlaps, vertical relationships or complementary activities between the businesses of the entities in India.

Separately, the regulator has approved under the green channel route acquisition of certain undertakings of Dhampur Sugar Mills Ltd by Dhampur Bio Organics Ltd.

This will take place in a series of inter-connected steps, according to the statement.

The entities are public companies, it noted.

"Commission receives notice under Green Channel from Dhampur Sugar Mills Limited (DSML), Dhampur Bio Organics Limited (DBOL) and their Promoter Shareholders in relation to the restructuring of DSML and DBOL and is deemed approved," CCI said in a tweet on Friday.

The regulator has also approved a transaction pertaining to acquisition of certain shareholding in OFB Tech Pvt Ltd by SVF II Orca (DE) LLC, under the green channel.

SVF II Orca (DE) LLC belongs to the SoftBank Group and makes mid to long term financial investments in technology companies. Besides, OFB Tech Pvt Ltd is involved in the wholesale trading of raw materials through a technology enabled platform, the statement said.

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