KKR Secures CCI Approval to Acquire Stake in PETRONAS-Backed Gentari Renewables India

Global investment major KKR has received approval from the Competition Commission of India (CCI) to acquire a stake in Gentari Renewables India. The clean energy platform is backed by Malaysia's state-owned energy major, PETRONAS.

Gentari Renewables India Pte Ltd operates in the power generation sector, focusing on renewable energy sources and battery energy storage solutions within the Indian market. The company functions as an indirect wholly-owned subsidiary of Petroliam Nasional Berhad (PETRONAS), operating under the broader PETRONAS group.

The regulatory nod follows a proposed investment announced in October. Under the terms of that agreement, KKR is set to acquire its stake in the Indian renewable energy business for an estimated Rs 6,000 crore.

With this transaction, KKR further expands its footprint in India's power and clean energy infrastructure sector. The firm's existing portfolio in the country includes investments in Hero Future Energies, Serentica Renewables, and IndiGrid, an infrastructure investment trust focused on power transmission and renewable energy.

Under India's competition law framework, business transactions that cross prescribed asset or turnover thresholds must receive approval from the CCI. This regulatory step ensures fair competition and prevents anti-competitive business practices in the market.

"This regulatory clearance marks a significant milestone for large-scale private equity investments in India's renewable energy sector. With transactions of this magnitude, involving major global funds like KKR and energy giants like PETRONAS, we are seeing sustained institutional interest in India's clean energy infrastructure. The deployment of substantial capital into power generation and battery storage solutions underscores the long-term viability and growth potential of the country's green energy market." — Dr. Shishir Gupta, Founder & CEO, StartupLanes