The Competition Commission of India (CCI) has approved acquisition of minority stake in Adani Green Energy Ltd (AGEL) by Total Renewables SAS, a wholly owned subsidiary of international energy major Total SE.
“Commission approves acquisition by Total SE through its subsidiary Total Renewables SAS in share capital of Adani Green Energy Limited”, the CCI tweeted on Monday. AGEL is the renewable energy arm of the Adani Group. The details of the quantum of stake buy and the value of the transaction were not disclosed.
Total SE is the ultimate parent entity of the Total Group. Total SE (along with its subsidiaries and affiliates) (Total Group) is an international integrated energy producer with operations in every sector of the oil and gas industry. Total Group is also involved in the renewable energy and power generation sector.
AGEL is engaged in power generation through renewable energy in India (i.e. through solar and wind energy). AGEL is also engaged in the business of development of solar parks.