New Delhi, July 2 -- The Competition Commission of India (CCI) has approved British International Investment's (BII) proposal to invest in ReNew Photovoltaics, a solar manufacturing company in India.

BII is a UK government-owned development finance institution that supports private sector growth in developing nations by providing long-term and patient capital.

According to the official statement, BII will acquire a stake in ReNew Photovoltaics Pvt Ltd through the purchase of securities. The approval from CCI ensures that the deal complies with India's competition norms and does not promote unfair trade practices.

ReNew Photovoltaics, a subsidiary of ReNew Energy Global Plc, focuses on manufacturing solar modules and cells. It currently...