By way of its order dated January 9, 2018, CCI approved the acquisition of approximately 16.33 per cent of the fully diluted equity share capital of ReNew Power Ventures Private Limited (‘Re- New’) by Canada Pension Plan Investment Board (‘CPPIB’) (‘Proposed Combination’), which comprised of the following steps: (i) acquisition of approximately 6.33 per cent shares in ReNew by CPPIB from Asian Development Bank (‘ADB’), together with substantially all the rights, title, interest and benefits attached or attributable to such shares from the closing of the sale and purchase transaction between ADB and CPPIB (‘Secondary Acquisition’); and (ii) acquisition of compulsorily convertible preference shares of ReNew by CPPIB that will mandatorily convert into equity shares amounting to not more than 10% of the equity share capital of ReNew (on a fully diluted basis) (‘Primary Acquisition’).CPPIB, incorporated as a Crown Corporation under the Canada Pension Plan Investment Board Act of Canada, is a professional investment management organization responsible for investing funds of the Canada Pension Plan. CPPIB has investments in various sectors such as infrastructure, real estate and financial services in India. ReNew is an Indian energy company engaged in the business of power generation through renewable energy sources – namely wind and solar, as well as incidental management consultancy services and engineering, pro- curement and construction services. It has operations and clean energy projects across several states in India viz., Andhra Pradesh, Madhya Pradesh, Gujarat, Karnataka, Rajasthan, Telangana, Haryana and Maharashtra.Having noted that neither CPPIB nor any of its investee companies (‘Portfolio Companies’) have any horizontal overlaps in India and no significant vertical overlaps (one of CPPIB’s Indian Portfolio Companies had a vertical relationship with an indirect subsidiary of ReNew), CCI held that the Proposed Combination is unlikely to have any AAEC in India in any of the relevant market(s). On this basis, CCI approved the Proposed Combination under sub-section (1) of Section 31 of the Act.

*Combination Registration No. C-2017/11/536.