IFC, ADB, DEG Get CCI Clearance for Fourth Partner Energy Stake

New Delhi, Dec 31 (PTI) Fair trade regulator CCI on Tuesday cleared the World Bank's IFC, Asian Development Bank (ADB) and German government's DEG proposal to acquire a stake in Fourth Partner Energy.

IFC -- a member of the World Bank Group -- is the largest global development institution focused on the private sector in emerging markets.

"Commission approves the acquisition of certain shareholding of Fourth Partner Energy Pvt Ltd jointly by International Finance Corporation, Asian Development Bank and DEG - Deutsche Investitions - und Entwicklungsgesellschaft mbH," the regulator said in a post on X.

Fourth Partner Energy Ltd (FEPL) is India's leading renewable energy company focusing on building and financing renewable energy projects.

In August, global impact investors IFC, ADB and DEG announced an investment of USD 275 million into India's leading renewable energy solutions platform FPEL.

The consortium's investment will infuse capital to fund FPEL's business expansion plans which include a target portfolio of 3.5 GW of renewable energy assets by 2026.

DEG has a development policy mandate to finance and advise private enterprises that invest in developing countries as an important driver of employment and income.

In another post on X, CCI approves the acquisition of all outstanding equity shares of Kellanova by US-based confectionary company Mars.

Mars Inc provides snacking, food, and pet care products and services.

Kellanova is a leader in global snacking, international cereal and noodles, and North American frozen foods with a legacy stretching back more than 100 years. It is home to various iconic snacking brands, including Pringles, and Pop-Tarts, as well as cherished food brand Kellogg's.

In August this year, Mars and Kellanova announced that they have entered into a definitive agreement under which Mars has agreed to acquire Kellanova for USD 35.9 billion.

The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.