The formation of joint venture between Adani Green Energy Ltd and Total S.A. was approved by Fair trade regulator Competition Commission of India (CCI) on Wednesday.
As per a combination notice filed with the regulator, the proposed combination involves two steps. Firstly, a joint venture will be incorporated by Adani Green Energy and, subsequently, the direct and indirect subsidiaries of Adani Green will be transferred to the joint venture.
The second step involves direct or indirect acquisition of 50 per cent of the equity share capital of the joint venture by Total S.A.
Total S.A. is the parent entity of the Total Group, which is an international integrated energy producer with operations in every sector of the oil and gas industry. It is also involved in the renewable energy and power generation sectors, the notice noted.
Adani Green Energy and the direct and indirect subsidiaries of the firm are active in the business of power generation through solar energy in India, it added.
CCI in a tweet on Wednesday said it “approves formation of joint venture between Adani Green Energy Ltd and Total S.A., in solar power generation business in India”.