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

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

By: PTI | New Delhi | Published: August 14, 2016 2:24:38 pm
competition commission of india, CCI, CCI gmr energy, Tenaga Nasional Berhad, Doosan Engineering and Construction Co, BENELUX, business news, india news, Tthe watchdog has recently been making efforts to strengthen its manpower amid a rising number of complaints related to alleged unfair business practices

The multi-million dollar deal between Malaysia’s largest power utility player Tenaga Nasional Berhad and GMR Energy has received clearance from the Competition Commission.

Under the USD 300-million deal, which was announced in May, Tenaga will acquire 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 Competition Commission of India (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.

For all the latest Business News, download Indian Express App