The Competition Commission of India (CCI) said it had approved BCP Emerald Aggregator LP’s acquisition of a stake in Emerson Electric Co’s climate technology business on Friday.

BCP Emerald Aggregator LP is an affiliate of US alternative asset manager Blackstone. The transaction has been cleared under the green channel.

According to CCI, the proposed transaction involves BCP Emerald Aggregator LP (the buyer) acquiring a majority stake in the climate technology business of Emerson Electric Company (seller).

The regulator also approved the proposed investment in BCP Emerald Aggregator LP by Stamford Bridge Investment Pte Ltd (SPV of GIC (Ventures) and Platinum Falcon B 2018 RSC Ltd (Platinum).

GIC (Ventures) is a subsidiary of GIC, Singapore’s sovereign wealth fund, while Platinum is an Abu Dhabi Investment Authority (ADIA) affiliate.

Emerson Electric Co designs and manufactures products and services in various industrial, commercial and consumer markets.

Last October, Emerson announced the sale of a majority stake in its climate technology business to Blackstone.

“There is no horizontal overlap or existing and/or potential vertical or complementary relationship between the target business and the acquirer.

“Therefore, the proposed transaction is being filed as a green channel. As such, the transaction does not pose any risk of adverse impact on competition,” according to an update on the CCI website.

Under the Green Lane route, transactions that do not present any significant risk of adverse effect on competition are considered approved after being informed by the fair trade regulator.