Mumbai, Nov. 6 -- Global investment firm KKR has received approval from the Competition Commission of India (CCI) to acquire a stake in Gentari Renewables India, a clean energy platform backed by Malaysia's PETRONAS. The clearance advances KKR's proposed investment in India's renewable energy and battery storage sectors.
KKR will make the investment through its affiliate Sapphire US HoldCo (USA), LLC, which will subscribe to certain securities of Gentari Renewables India, the CCI said. The transaction was announced in October and involves an investment of around Rs. 60 bn in the Indian renewable energy business.
Gentari Renewables India is engaged in generating power from renewable energy sources and providing battery energy storage solutions in India. The company is an indirect wholly owned subsidiary of Petroliam Nasional Berhad, known as PETRONAS, and forms part of the Malaysian multinational oil and gas group.
KKR already has investments across India's clean energy and power infrastructure sectors. Its portfolio includes Hero Future Energies, Serentica Renewables and IndiGrid, a platform focused on power transmission and renewable energy infrastructure.
Under India's competition law framework, transactions that cross prescribed asset or turnover thresholds require approval from the CCI. The regulatory review is intended to protect competition and prevent anti-competitive business practices, and the approval allows the proposed investment in Gentari Renewables India to proceed subject to other applicable requirements.
Published by HT Digital Content Services with permission from Construction World.