British International Investment Boosts ReNew Photovoltaics with Strategic Funding

British International Investment seeks clearance from the Competition Commission of India to acquire a stake in solar manufacturing firm ReNew Photovoltaics. The investment will expand ReNew's solar module and cell production capacity, with no adverse effect on competition in the Indian market anticipated.

British International Investment (BII), the development finance institution owned by the UK government, is pursuing approval from India's fair trade watchdog, the Competition Commission of India (CCI), to obtain a stake in ReNew Photovoltaics, a solar manufacturing enterprise.

ReNew Photovoltaics is known for its solar modules and cell manufacturing capabilities, and BII's involvement comes via a securities subscription in the company. The development is part of BII's larger solar energy portfolio, although no direct competition overlaps with ReNew Photovoltaics exist within India.

The investment, estimated at Rs 870 crore (approximately USD 100 million), aims to enhance ReNew's manufacturing prowess, with plans to develop a 4 GW TOPCon cell facility in Dholera, Gujarat, effectively doubling its production capacity.

(With inputs from agencies.)