Carlyle's 68.9% Acquisition Of Roop Automotives Approved By CCI

Fair trade regulator Competition Commission of India approved on Tuesday the US-based global investment firm Carlyle's proposal to acquire a 68.9% stake in Roop Automotives Ltd.

"The proposed combination involves certain inter-connected steps resulting in inter alia securities swap between HIL Shareholder and RAL, and the acquisition of up to 68.9% shareholding in RAL by Investor," the regulator said in a release.

CA Carob Investments, a Mauritius-based special-purpose vehicle, is owned and controlled by affiliates of Carlyle Group Inc. As of Sept. 30, 2024, Carlyle manages assets worth Rs 447 billion.

Roop Automotives Ltd. and Highway Industries Ltd. are engaged in the manufacture and sale of auto components.

"Commission approves the proposed combination involving inter-connected steps resulting in inter alia the acquisition of up to 68.9% shareholding in Roop Automotives Ltd by CA Carob Investments (Investor)," the CCI said.

In a separate announcement, the CCI approved Gentari Renewables India Pvt.'s proposed acquisition of 21 special purpose vehicles, which own renewable power generation plants and holding companies of certain SPVs.

Gentari Renewables India, an indirect subsidiary of Petroliam Nasional Berhad, focuses on providing clean energy solutions through three core pillars: renewable energy, hydrogen, and green mobility.

"Commission approves the proposed acquisition of 21 SPVs, owning renewable power generation plants, and the holding companies of certain SPVs by Gentari Renewables India Pte Ltd," the competition watchdog said in a post on X.

The SPVs are engaged in the business of generation and sale of power through wind turbines and solar power plants.

The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices and promotes fair competition in the marketplace.

(With Inputs From PTI)