New Delhi: The Competition Commission of India (CCI) has approved the purchase of stake in Tata Power Renewable Energy Ltd (TPREL) by Greenforest New Energies Bidco.

The proposed combination relates to the acquisition of up to 11.43 per cent stake in TPREL by Greenforest New Energies Bidco, an investment vehicle jointly run by BlackRock and Mubadala Investment Company.

In a tweet on Tuesday, the Competition Commission of India (CCI) said it has approved the "acquisition of stake in Tata Power Renewable Energy Ltd indirectly by BlackRock and Mubadala".

Greenforest is an investment vehicle jointly and indirectly incorporated by BlackRock Alternatives Management, LLC and Mubadala Investment Company PJSC for undertaking the proposed transaction.

TPREL is a wholly-owned subsidiary of Tata Power Company Ltd through which it undertakes its renewable energy business in India.

Deals beyond a threshold require the approval of CCI, which keeps a tab on unfair business practices in the marketplace.

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