CCI Approves BII Stake Purchase in ReNew Photovoltaics

The Competition Commission of India (CCI) has given the green light to British International Investment’s (BII) proposed investment in ReNew Photovoltaics, the solar manufacturing arm of ReNew Energy Global.

In a regulatory update on Tuesday, the CCI announced its approval of BII’s acquisition of a stake in ReNew Photovoltaics Pvt Ltd. “The proposed combination relates to an investment by the acquirer (British International Investment) in the target (ReNew Photovoltaics Pvt Ltd) through subscription to securities,” read the official statement. The commission also posted the update on X (formerly Twitter), confirming the transaction.

Powering India’s self-reliance in clean energy

ReNew Photovoltaics is focused on manufacturing solar modules and cells in India. This fresh investment aligns with India’s growing push for self-reliance in clean energy manufacturing and the global trend toward sustainable infrastructure.

Last month, ReNew Energy Global Plc had announced an INR 870 crore (around USD 100 million) funding deal with BII, the development finance institution’s first-ever investment in solar manufacturing in India.

The funds are earmarked for accelerating ReNew’s solar manufacturing expansion through its subsidiary.

New Cell Facility in Gujarat

A major portion of the investment will go into setting up a 4 GW TOPCon (Tunnel Oxide Passivated Contact) solar cell facility in Dholera, Gujarat. Once operational, ReNew’s total capacity will rise to 6.4 GW each for solar modules and cells — significantly enhancing its domestic production capability.

British International Investment is a development finance institution owned by the UK Government. It provides long-term capital to private sector ventures in developing nations, often focusing on impactful, sustainable investments.

As per Indian regulations, large M&A deals or equity investments above a specified threshold require CCI clearance to ensure that competition in the market is not adversely affected. With this approval in place, ReNew’s solar growth plans get a much-needed boost.

Notably, India also entered into a Free Trade Agreement with the UK in May 2025. The FTA includes tariff elimination on 99 percent of Indian tariff lines, covering nearly 100 percent of trade value, and reduces tariffs on 90 percent of UK tariff lines, with an estimated annual economic boost of £4.8 billion (USD 6.4 billion) for the UK by 2040.