New Delhi, March 25 The Fair Trade Regulator, the Competition Commission, approved on Wednesday BlackRock's proposal to acquire a stake in Aditya Birla Renewables Ltd.
US-based BlackRock, through its affiliate GIP EM Star Pte Ltd, is acquiring a stake in the company.
Mumbai-based Aditya Birla Renewables, along with its subsidiaries, is engaged in the business of power generation through renewable energy resources, including solar and wind power.
"The Commission approves the subscription of certain equity share capital of Aditya Birla Renewables Limited (ABReN/Target) by GIP EM Star Pte Ltd (Acquirer)," the Competition Commission of India (CCI) said in a release.
GIP EM Star Pte Ltd is owned by certain funds managed by Global Infrastructure Management (GIM). GIM is an indirectly majority-owned subsidiary of BlackRock, Inc.
BlackRock provides global investment management, risk management, and advisory services to institutional and retail clients around the world. It manages assets on behalf of institutional and individual investors worldwide.
In a separate release, the CCI approved the proposed acquisition of additional shareholding of Valuedrive Technologies Pvt Ltd by Setu AIF Trust, Konark Trust, and MMPL Trust.
"The proposed combination entails the acquisition of certain additional shareholding (on a fully diluted basis) of Valuedrive Technologies Private Limited (Target) by Setu AIF Trust, Konark Trust, and MMPL Trust (Acquirers)," the regulator said.
Setu AIF Trust is a Sebi-registered alternative investment fund, while Konark Trust and MMPL Trust are both private trusts, acting through their respective trustees, that co-invest along with Setu AIF Trust.
Valuedrive Technologies is acting as an operating cum-holding company for the 'Spinny Group'. It is in the business of operating an electronic platform for sellers to provide details of used motor vehicles, which are purchased by Valuedrive and subsequently sold on a wholesale and business-to-business basis.
It also provides loan and lending services, distribution of motor insurance, printing and publishing of specialty magazines, online content, and organizing events with respect to the automotive sector, as well as certain ancillary and incidental services.
Deals exceeding a certain threshold require approval from the regulator, which monitors unfair business practices and promotes fair competition in the marketplace.
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