CCI Approves Acquisition of Additional Stake in Azure Power Global by OMERS Infrastructure Asia Holdings

The Competition Commission of India (CCI) has approved a proposal for the acquisition of additional shareholding in Azure Power Global Limited by OMERS Infrastructure Asia Holdings Private Limited. Under the terms of this proposed combination, OMERS Infrastructure Asia Holdings Private Limited, acting as the acquirer, will acquire additional shareholding in Azure Power Global Limited, the target company, from CDPQ Infrastructures Asia Private Limited. According to available information, the acquiring company is an investment entity of the OMERS Administration Corporation (OAC). OAC serves as the trustee and administrator for the Ontario Municipal Employees Retirement System Primary Pension Plan (OMERS), which is one of Canada's largest multi-employer defined-benefit pension plans, involving more than 1,000 employers. The target company, Azure Power Global Limited, is the parent company of the Azure Group. The company is engaged in the establishment and operation of renewable energy plants and the sale of solar power in India. The Competition Commission of India has stated that a detailed order regarding this matter will be issued at a later date.