CCI Approves Vishakha Group Restructuring to Integrate Renewables and Solar Glass Businesses

April 20, 2026 : The Competition Commission of India has approved a proposed internal restructuring within the Vishakha Group, enabling consolidation of its renewables business with its solar glass manufacturing operations. The approval was granted via a press release dated April 20, 2026.

According to the Commission, the transaction involves a multi-step restructuring of Vishakha Renewables Private Limited (VRPL), culminating in its merger with Vishakha Glass Private Limited (VGPL). The restructuring has been cleared as a “proposed combination” under competition law, with a detailed order to follow.

Transaction Structure

The approved combination will proceed in three stages:

• Slump sale of non-core divisions: VRPL will transfer its pipes and mouldings divisions to Progressive Pipes Private Limited as a going concern.
• Internal consolidation of group entities: Vishakha Renewables 1 Private Limited, Vishakha Metals Private Limited, and Vishakha Metals 1 Private Limited will be amalgamated into VRPL. These entities are engaged in manufacturing solar panel components, aluminium frames, and other metal components.
• Final merger: VRPL will then be amalgamated into Vishakha Glass Private Limited, creating an integrated entity spanning solar component manufacturing and solar glass production.

Business Rationale

VRPL currently manufactures solar system components such as PID-resistant EVA encapsulants and back sheets, alongside micro-irrigation systems, pipes, and plastic products. VGPL, in contrast, operates in the production of solar glass used in photovoltaic modules.

The restructuring is designed to streamline the group’s renewables vertical by consolidating complementary operations. By integrating upstream solar component manufacturing with downstream solar glass production, the merged entity is expected to achieve operational efficiencies and strengthen its position in the solar value chain.

Regulatory Note

The Commission has taken the restructuring on record and approved the combination, noting that a detailed order outlining its competitive assessment will be issued separately.