On June 10, 2025, the Competition Commission of India (CCI) has approved the following proposals:
- Acquisition of shareholding in Kolte-Patil Developers Limited by BREP Asia III India Holdings Company VII Private Limited
- Combinations involving Goldi Solar Private Limited, Havells India Limited, Vama Inverters LLP, Goldi Energy LLP, Goldi Sun Private Limited.
CCI Approves Acquisition of shareholding in Kolte-Patil Developers by BREP Asia III:
The CCI has approved the acquisition of 40% shareholding in Pune (Maharashtra) based Kolte-Patil Developers Limited (Target), valued at approximately Rs.1,167 crore, by Singapore based BREP Asia III India Holding Company VII Private Limited (Acquirer).
- BREP Asia III India Holding Company VII Private Limited is an affiliate of funds advised and/or managed by affiliates of New York, United States of America (USA) based Blackstone, a global alternative asset management company.
- Kolte-Patil Developers Limited is a listed company which is primarily engaged in the business of construction, development and sale of real estate.
Key Points:
i.The acquisition has been carried out through a combination of share subscription and share purchase. It also envisages the acquisition of shares of Kolte-Patil Developers Limited under open offer.
ii.The transaction includes an investment of Rs 417 crore through preferential allotment, acquiring a 14.3% equity stake, and an additional Rs 750 crore for a 25.7% stake via secondary share purchase from the promoter group.
iii.Upon completion of the transaction, Blackstone will hold a 40% equity stake in Kolte-Patil Developers Limited, excluding any shares acquired through the open offer.
- Post-deal, Blackstone will be reclassified as a promoter under Securities and Exchange Board of India (SEBI)’s Listing Obligations and Disclosure Requirements (LODR) Regulations 2025.
CCI Approves Strategic Combinations in Solar Sector Involving Havells and Goldi Entities:
i.The CCI has approved the acquisition of less than 10% of the issued, subscribed and paid-up equity share capital of the Surat (Gujarat) based Goldi Solar Private Limited (Target) by (Acquirer) Noida, Uttar Pradesh (UP) based Havells India Limited (HIL).
- HIL is engaged in the business of manufacturing and selling of several products such as fans, lightings, switches, accessories, home appliances, home electricals (including solar inverters), switchgears; and sale of solar modules in India.
- Goldi Solar Private Limited (including its affiliates) are engaged in the business manufacturing and selling of solar modules; and provision of Engineering, Procurement and Construction (EPC) services for solar sector in India.
ii.CCI has also approved the acquisition of 100% partnership interest of Surat based Vama Inverters LLP (Vama) and Surat based Goldi Energy LLP (Goldi Energy) (collectively referred to as Targets) by (Acquirer) Mumbai (Maharashtra) based Goldi Sun Private Limited (Goldi Sun).
- Goldi Sun is engaged in the sale and manufacture of solar modules in India.
- Vama is engaged in the sale of solar inverters in India
- Goldi Energy is engaged in the provision of EPC services for solar sector in India.
iii.These acquisitions are expected to strengthen integration across the renewable energy value chain by aligning manufacturing, inverter distribution, and Engineering, Procurement, and Construction (EPC) capabilities.
Recent Related News:
In May 2025, Japan-based Sumitomo Mitsui Banking Corporation (SMBC), a wholly-owned subsidiary of Japan’s 2nd largest banking group i.e. Sumitomo Mitsui Financial Group, Inc. (SMGF) has entered into a definitive agreement to buy 20% stake in Mumbai (Maharashtra)-based YES Bank Limited through a secondary stake purchase valued at around Rs 13, 483 crore.
About Competition Commission of India (CCI):
Chairperson – Ravneet Kaur
Headquarters – New Delhi, Delhi
Established – 2003
