CCI clears Tanweer Infrastructure's acquisition

New Delhi: The Competition Commission of India (CCI) announced on Friday that it has approved Tanweer Infrastructure SAOC's proposed acquisition of Sembcorp Energy India Ltd.

The acquisition has been accepted through the "green channel" process, which considers that a transaction as approved if it has been notified to the antitrust regulator and is not at risk of a significant adverse effect on competition.

A group led by Oman Investment Corporation SAOC (OIC) and including the Ministry of Defence Pension Fund, Sultanate of Oman, indirectly owns Tanweer Infrastructure.

The competition watchdog announced its approval of the agreement in a statement on CCIs website. The intended merger means that Tanweer Infrastructure will acquire the entire stock of Sembcorp Energy India Ltd. (SEIL).

As part of its efforts to decarbonise the economy, Singaporean utility company Sembcorp Industries announced in September that it had sold its entire stake in its India operation to an Omani consortium for Rs 11.7340 million.

“In any conceivable relevant market in India there is no (directly or indirectly) horizontal, vertical or complementary overlap between the activities of Tanweer Infrastructure and SEIL. According to Section 5(a) of the Competition Act 2002, the proposed combination must be notified to the Competition Commission of India” explained CCI.

In Andhra Pradesh, SEIL, an independent power producer, directly owns and manages coal-fired power resources power plants.

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