CCI Okays Reliance Arm’s Stake In Sterling And Wilson Renewable Energy
The Competition Commission of India (CCI) approved Reliance New Energy Solar Limited’s acquisition of Sterling and Wilson Renewable Energy Limited’s ownership on Wednesday.
Reliance New Energy wants to buy 40% of the total voting equity share capital, according to a merger notice filed with the regulator.
In the event that the open offer is fully accepted, the acquisition can go up to 51.07 percent of Sterling and Wilson Renewable Energy’s equity share capital.According to the regulator’s tweet, the commission has approved Reliance New Energy Solar Limited’s acquisition of Sterling and Wilson Renewable Energy Limited’s shares.
Sterling and Wilson Renewable Energy offers solar engineering, procurement and construction solutions, as well as operation and maintenance services in India.The Competition Commission of India (CCI) is the chief national competition regulator in India. It is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing the Competition Act, 2002 in order to promote competition and prevent activities that have an appreciable adverse effect on competition in India. The CCI looks into cases and investigate it if the same has negative impact on competition
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