The Competition Commission of India on Friday said it has approved the proposed deal of 2452991 Ontario Ltd, an affiliate of Ontario Teachers’ Pension Plan Board (OTPPB), to acquire 30 per cent stake in Mahindra Susten.The deal has been approved under the green channel route, wherein a transaction which does not raise any risk of an appreciable adverse effect on competition is deemed to be approved on it being intimated to the competition watchdog.
In a release on the CCI’s website, the anti-trust watchdog said it has approved the proposed deal. The proposed transaction shall constitute that the 2452991 Ontario Ltd shall acquire 30 per cent equity shareholding in the Mahindra Susten Pvt Ltd (MSPL) from Mahindra Holdings Ltd.The regulator also approved that the acquirer or its affiliate shall have the right to acquire an additional stake of up to 9.99 per cent in MSPL by May 31, 2023, if certain conditions are met.
“Given that there are no existing or potential horizontal/vertical overlaps between the activities of the Parties or their affiliates and the Parties or their affiliates are not engaged in complementary businesses, the proposed transaction is being notified under the green channel route,” CCI said. MSPL is a wholly-owned subsidiary of Mahindra Holdings Ltd and is primarily engaged in the setting up, acquiring or owning and operating renewable energy generation projects.