The Competition Commission of India on Tuesday approved the investment by Sapphire US HoldCo in Gentari Renewables India. This entity is owned by KKR & Co Inc. Gentari focuses on renewable power and battery storage. The deal helps meet India’s growing capital needs as the nation expands its clean energy sector.
The Competition Commission of India (CCI) on Tuesday approved the proposed subscription to certain securities of Gentari Renewables India Pte Ltd by Sapphire US HoldCo (USA), LLC, an investment vehicle indirectly owned by funds and accounts advised and managed by subsidiaries of global investment firm KKR & Co Inc.
According to a press release issued by the competition regulator, Gentari Renewables India is an indirect wholly owned subsidiary of Malaysian energy major Petroliam Nasional Berhad (Petronas) and belongs to the Petronas group. It is engaged in power generation through renewable energy sources and battery energy storage solutions in India.
The proposed investment comes amid growing capital requirements in India's clean energy sector. India requires $220 billion in investment by 2030 across renewable energy deployment, manufacturing, transmission, energy storage and green hydrogen, according to Santosh Kumar Sarangi, secretary of the Ministry of New and Renewable Energy (MNRE). The government is working on a roadmap to mobilise these funds over the next four to four-and-a-half years, Business Standard reported on October 28.
Around $64 billion flowed into India's renewable energy sector between July 2024 and June 2026, of which $6.2 billion came through foreign direct investment (FDI).
Sapphire US HoldCo is a special purpose vehicle incorporated solely for the proposed transaction, the CCI release said.
CCI clears Kotak Bank's acquisition of Deutsche Bank India retail business
Carlyle Group, KKR get ready to snatch up bargain leveraged loans
CCI clears Xavier Niel's 5.1 bn euro Vodafone stake acquisition, 3 deals
CCI clears Lakshmi Mittal family, Poonawalla's purchase of Rajasthan Royals
The word control had become anathema for us in 1991: Sudha Pillaipremium
Gentari has been expanding its renewable energy portfolio in India through acquisitions and partnerships. In March 2025, it acquired a 1.6-gigawatt (GW) portfolio of solar and wind assets from Brookfield Asset Management. In 2023, Gentari was looking to build close to 30 GW of renewable energy capacity by 2030.
The CCI's approval clears the proposed securities subscription under the competition law framework. However, the press release does not disclose the investment amount, the nature of the securities being subscribed to or the stake that Sapphire US HoldCo would hold in Gentari Renewables India. The CCI examines proposed mergers and acquisitions that fall within the thresholds prescribed under the Competition Act, 2002, to assess whether they could adversely affect competition in India's relevant markets.
Detailed orders from the CCI are awaited.