CCI Clears British Investment In Renew's Solar Subsidiary

(MENAFN- KNN India) New Delhi, Jul 2 (KNN) The Competition Commission of India (CCI) has approved British International Investment's (BII) proposal to invest in ReNew Photovoltaics, a solar manufacturing company in India.

BII is a UK government-owned development finance institution that supports private sector growth in developing nations by providing long-term and patient capital.

According to the official statement, BII will acquire a stake in ReNew Photovoltaics Pvt Ltd through the purchase of securities. The approval from CCI ensures that the deal complies with India's competition norms and does not promote unfair trade practices.

ReNew Photovoltaics, a subsidiary of ReNew Energy Global Plc, focuses on manufacturing solar modules and cells. It currently operates a 6.4 gigawatt (GW) solar photovoltaic (PV) module plant and a 2.5 GW solar cell facility in Jaipur, Rajasthan, and Dholera, Gujarat.

In June, ReNew announced that it had secured Rs 870 crore (about USD 100 million) in funding from BII to expand its solar manufacturing operations.

The funds will be used to set up a new 4 GW Tunnel Oxide Passivated Contact (TOPCon) solar cell facility in Dholera.

With this expansion, ReNew's total manufacturing capacity will rise to 6.4 GW each for both solar modules and cells, positioning the company as a key player in India's renewable energy sector.

As per Indian regulations, mergers and investments that exceed a specified financial threshold must receive CCI approval to ensure they don't hurt market competition.

This clearance is a green light for ReNew and BII to move forward with their plans to boost India's solar manufacturing capabilities.

(KNN Bureau)

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