BlackRock (BLK) and Grasim Industries received approval from the European Commission for their acquisition of joint control of Aditya Birla Renewables, the regulator said Friday.

The Commission said it cleared the transaction under the EU Merger Regulation following a simplified merger review procedure.

The transaction, which mainly concerns electric power generation, transmission and distribution, would not raise competition concerns due to its limited impact on the European Economic Area, the Commission said.