CCI Approves OMERS Acquisition of Additional Shareholding in Azure Power

The Competition Commission of India (CCI) has approved the acquisition of certain additional shareholding in Azure Power Global Limited by OMERS Infrastructure Asia Holdings Pte. Ltd. 

The proposed combination involves the acquisition of the additional shareholding in Azure Power Global Limited (Target) by OMERS Infrastructure Asia Holdings Pte. Ltd. (Acquirer) from CDPQ Infrastructures Asia Pte. Ltd. 

Acquirer and OMERS 

OMERS Infrastructure Asia Holdings Pte. Ltd. is an investment entity of OMER Administration Corporation (OAC). OAC is the administrator of the Ontario Municipal Employees Retirement System Primary Pension Plan (OMERS) and trustee of pension funds. 

OMERS is described as one of Canada's largest multi-employer defined benefit pension plans, with over 1,000 participating employers. 

Azure Power's Business 

Azure Power Global Limited is the parent entity of the Azure group, which is engaged in setting up renewable energy plants, operating them and selling solar power in India. 

The CCI approval relates to the proposed acquisition of the additional shareholding in the Target by the Acquirer from CDPQ Infrastructures Asia Pte. Ltd.