In its order dated 9 March 2022, the Competition Commission of India (“CCI”) penalized Adani Green Energy Limited (“Adani Green”) for gun jumping in connection with its acquisition of S.B. Energy Holding Limited (“SB Energy” / “Target”). [1] Per the CCI, the central issue was of Adani Green gaining access to the Target’s ongoing business and operations as well as ability of Adani Green to provide inputs (albeit non-binding) to the Target (a competitor of Adani Green) before the CCI has approved the transaction. Background Adani Green had notified its proposed acquisition of 100% equity shareholding and sole control in SB Energy to the CCI in May 2021 (the “Acquisition”) which was unconditionally approved by the CCI on 30 June 2021. [2] Subsequently, the CCI issued a show-cause notice (“SCN”)
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The Indian Competition Authority fines a renewable energy firm a nominal sum for gun jumping in a first-of-its-kind decision (Adani Green / SB Energy)
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