The Competition Commission of India (CCI) approves acquisition of stake in Apraava Energy Private Limited (Target) by CDPQ Infrastructures Asia II Pte. Ltd. (Acquirer) under Section 31(1) of the Competition Act, 2002.
The Proposed Combination pertains to the acquiring an additional 10% shareholding in the Target from CPL GPEC (Mauritius) Holding Limited. The Acquirer presently holds 40% shareholding in the Target.
The Acquirer is incorporated in Singapore and is a direct and wholly owned subsidiary of Caisse de dépôt et placement du Québec, a long-term institutional investor with net assets of approximately CAD 420 billion invested globally that manages funds primarily for public and para-public pension and insurance plans.
The Target is a foreign investment in the Indian power sector with an investment spread across renewable energy (including wind and solar), transmission, supercritical coal and gas fired generation. The Target entered the country in 2002 and has since expanded its portfolio of operating conventional and renewable assets.
Detailed order of the CCI will follow.