CCI Nods Generation Investment's Stake Buy in Continuum Green Energy

The Competition Commission of India (CCI) has approved Generation Investment Management's (GIM) proposed stake acquisition in Continuum Green Energy. The acquirer, JC Infinity B Ltd, plans to subscribe to specific equity shares issued by Continuum Green Energy. This transaction will result in JC Infinity B Ltd gaining shareholding and rights in Continuum Green Energy.

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Details of the Acquisition

Generation Investment Management, the ultimate parent entity of JC Infinity B Ltd, focuses on sustainable investing. Former US Vice-President Al Gore is a founding partner and Chairman of GIM. Continuum Green Energy operates within the renewable energy sector. Last week, GIM, through its fund Just Climate, announced an investment of USD 150 million in Continuum Green Energy.

The CCI noted that the activities of the involved parties and their affiliates do not show any horizontal, vertical, or complementary overlaps in any relevant markets in India. The proposed combination has been notified under the green channel route. "The CCI said it has approved the deal under the green channel route."

Green Channel Route Approval

Under the green channel route, transactions that do not pose any risk of an appreciable adverse effect on competition are deemed approved upon notification to the fair-trade regulator. The CCI confirmed that this transaction falls under this category and has thus been cleared.

The acquirer JC Infinity B Ltd's subscription to equity shares will grant it shareholding and rights in Continuum Green Energy. This move aligns with GIM's business model of sustainable investing. The CCI's approval ensures that this transaction does not negatively impact competition within India's markets.

Generation Investment Management's involvement underscores its commitment to renewable energy investments. With Al Gore at its helm, GIM continues to focus on sustainable projects globally. The USD 150 million investment by Just Climate into Continuum Green Energy highlights this dedication.

The CCI's clearance via the green channel route signifies that this acquisition does not raise concerns about competition within India's market landscape. This regulatory pathway allows for swift approval of transactions that are unlikely to harm market competition.

In summary, Generation Investment Management's stake acquisition in Continuum Green Energy has received CCI approval under the green channel route. This transaction aligns with GIM's sustainable investing goals and does not pose competitive risks in India.