By: ICN Bureau
Last updated : January 13, 2021 7:54 am
The proposed combination entails minority investment by Total SE, through its wholly owned subsidiary Total Renewables SAS, in AGEL which is the renewable energy arm of the Adani Group.
The Competition Commission of India (CCI) has approved the acquisition by Total SE (total/acquirer) through its subsidiary Total Renewables SAS in share capital of Adani Green Energy Limited (AGEL) under Section 31(1) of the Competition Act, 2002.
The proposed combination entails minority investment by Total SE, through its wholly owned subsidiary Total Renewables SAS, in AGEL which is the renewable energy arm of the Adani Group.
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 sectors.
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.