On January 11, 2021, CCI approved the acquisition of indirect minority investment in Adani Green Energy Limited (‘AGEL’) by Total SE, through its subsidiary Total Renewables SAS.^[1]

Total SE is the ultimate parent entity of the Total Group, an international integrated energy producer with operations in every sector of the oil and gas industry. Total Group is also engaged in the renewable energy and power generation sectors.

AGEL is a public listed Indian company, engaged in power generation through renewable energy in India, through solar and wind energy. AGEL is also engaged in the development of solar parks.

CCI noted that Total SE and AGEL have a horizontal overlap in the market for power generation at a broader level and solar energy in particular. CCI, however, did not find any competitive foreclosure because the combined market shares of Total SE and AGEL in the broader market, as well as narrower segments, were not significant.

It also found that in each overlapping segment, the proposed transaction led to an insignificant incremental market share and that the market for power generation is characterized by the presence of several other players. CCI, therefore, approved the proposed transaction.

[1] Combination Registration No C-2020/12/800.