CCI approves British Int'l investment in ReNew Photovoltaics solar business

The Competition Commission of India (CCI) on Tuesday approved British International Investment's proposal to acquire a stake in solar manufacturing firm ReNew Photovoltaics.

British International Investment plc is a development finance institution, wholly owned by the UK Government, which provides scarce and patient capital to private sector entrepreneurs in developing countries.

"The proposed combination relates to an investment by the acquirer (British International Investment) in the target (ReNew Photovoltaics Pvt Ltd) through subscription to securities of the target," CCI said in a release.

Renew Photovoltaics is engaged in the manufacturing of solar modules and cells in India.

"CCI approves the proposed investment by British International Investment plc in ReNew Photovoltaics Pvt Ltd," the competition watchdog said in a post on X.

Last month, ReNew Energy Global Plc announced that it has secured an investment of Rs 870 crore (around USD 100 million) from British International Investment to accelerate the growth of its solar manufacturing business in India.

The investment will be made in ReNew Photovoltaics, the company's dedicated solar manufacturing subsidiary in India.

Established in 2021, ReNew Photovoltaics comprises an operational 6.4 GW solar PV module facility and a 2.5 GW solar cell facility, located in Jaipur, Rajasthan, and Dholera, Gujarat.

BII's investment will be primarily utilised to grow the business and expand the company's manufacturing capacity through the construction of a new 4 GW TOPCon cell facility in Dholera, Gujarat. Post-expansion, ReNew's total manufacturing capacity will be approximately 6.4 GW of modules and 6.4 GW of cells.

Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices.