The Competition Commission of India (CCI) approves increase in proportion of voting rights held by CPPIB in ReNew Energy Global.
The proposed combination envisages increase in proportion of voting rights held by Canada Pension Plan Investment Board (CPPIB) in ReNew Energy Global plc. (ReNew) as a result of repurchase program to buyback Class A Ordinary Shares (i.e., shares carrying voting rights) announced by ReNew (Buyback). As a result of the Buyback, the aggregate number of voting shares of ReNew is expected to decrease, which may lead to a corresponding increase in the proportion of voting rights held by CPPIB.
CPPIB is an investment management organisation. It invests the funds transferred to it by the Canada Pension Plan Fund (CPP Fund) that are not needed by the CPP Fund to pay current benefits on behalf of 21 million contributors and beneficiaries.
ReNew, along with its subsidiaries and joint ventures, is engaged in the business of generating electricity through non-conventional and renewable energy sources.
Detailed order of the CCI will follow.