Competition Commission of India (CCI) said on Tuesday it has approved purchase of stake in Tata Power Renewable Energy Ltd. (TPREL) by an entity set up by asset management firm BlackRock and sovereign wealth fund Mubadala Investment Company PJSC.
The proposed deal relates to an internal reorganization of TPREL and acquisition of up to 11.43% of the equity share capital of TPREL by Greenforest New Energies Bidco Ltd., an investment vehicle indirectly incorporated by BlackRock Alternatives Management, LLC. and Mubadala Investment Company PJSC (MIC).
BlackRock Alternatives Management is a wholly owned subsidiary of BlackRock, a U.S. publicly traded company active in the provision of global investment management, risk management and advisory services to institutional and retail clients. BlackRock manages assets on behalf of institutional and individual investors worldwide.
MIC is an investment vehicle of the Government of Abu Dhabi. It manages investment in various industries including energy, utilities and real estate.
Tata Power Renewable Energy Limited is a wholly owned subsidiary of Tata Power Company Limited through which it undertakes its renewable energy business in India. TPREL’s primary business is generation of power through renewable sources of energy.