CCI gives nod to Tenaga’s $300-million deal with GMR

CCI gives nod to Tenaga’s $300-million deal with GMR
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Story Dated : August 14, 2016

New Delhi: A multi-million dollar deal between Malaysia’s largest power utility player Tenaga Nasional Berhad and GMR Energy has received clearance from the Competition Commission of India (CCI).

Under the $300-million deal, which was announced in May, Tenaga will acquire a 30 per cent stake in GMR Energy’s select assets. In this regard, both parties had entered into a share subscription and shareholder agreements.

The transaction will be through Tenaga’s wholly-owned subsidiary – Power and Energy International (Mauritius).

In a tweet, the fair trade regulator (CCI) said it has approved “acquisition of 30 per cent equity share capital of GMR Energy Ltd by Power & Energy International (Mauritius) Ltd”.

GMR Energy, part of the diversified GMR group, has interests in power projects, among others.

Separately, the fair trade regulator has given its nod to the acquisition of Doosan Engineering and Construction Co Ltd by General Electric International (BENELUX) BV.

Doosan Engineering is a subsidiary of South Korean major Doosan Heavy Industries & Construction while the other entity is part of US conglomerate General Electric.