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CCP consents to the acquisition of 100% of shares in TGL by AMPL

ISLAMABAD – The Competition Commission of Pakistan (CCP) has approved the acquisition of 100% stake in M/s Tenaga Generasi Limited (TGL), an independent power producer with a 49.5 MW wind farm capacity, by M/s Artistic Milliners (Private) Limited ( AMPL), one of the leading denim producers in the world.

The Malaysian company Tenaga Generasi Limited was founded in Pakistan in 2004 to build a 50 MW wind farm. The company has been allotted 1,200 acres of land in Gharo district of Sindh for the project. NEPRA issued a power generation license to TGL for a period of 20 years.

In January 2008, the company decided to exit Pakistan and TGL was acquired by Dawood Lawrencepur Limited (DLL), which held 75% of the shares in TGL and the remaining shares were held by the International Finance Corporation (IFC), a member of the World Bank Group.

CCP’s Phase I competitive assessment identified “Renewable Energy – Wind Power Generation” as the relevant market. The assessment showed that TGL’s market share is less than 3%, while AMPL’s two subsidiaries have a combined market share of 5.38%. Post-transaction, AMPL’s market share is expected to increase to approximately 8%. Taking into account that the transaction does not lead to the buyer’s dominance in the relevant market, CCP agreed to the acquisition.

This approval allows Artistic Milliners to increase its presence in the renewable energy sector. The acquisition highlights the potential for joint development of renewable energy, significantly contributing to redefining the national energy landscape.