CCI Supports Abu Dhabi Future Energy Stake Purchase in Hero Future Energies

The transaction represents an attractive investment opportunity for the acquirer in the renewable energy sector in India, a combination notice filed with the CCI said

October 31, 2019. By News Bureau

Tags:

The Competition Commission of India (CCI) has announced that it has given its nod under the green channel route to Abu Dhabi Future Energy Company (Masdar) for acquiring an equity stake in Hero Future Energies Global Ltd.

Besides, the transaction involves the acquisition of non-voting compulsorily convertible preference shares in Hero Future Energies Private Ltd.

“The proposed combination in terms of…Combination Regulations (i.e. notice for approval of combinations under green channel) is deemed to be approved,” the CCI said in a statement. The Abu Dhabi Future Energy Company (Masdar) is an international renewable energy and sustainability company that provides solutions in energy, water, urban development and clean technologies, it added.

Hero Future Energies India is primarily engaged in the implementation of power projects and generation of power through renewable sources of energy, among other activities.

The transaction represents an attractive investment opportunity for the acquirer in the renewable energy sector in India, a combination notice filed with the CCI said.

This is second clearance given under the ‘green channel’ route by the fair trade regulator. Before this, the regulator had approved the acquisition of the Essel Mutual Fund by a Sachin Bansal-owned entity in October.

The green channel concept — recommended by the high-level panel that reviewed competition law in August — allows for an automatic system for speedy approval of certain categories of merger and acquisitions.

Under the framework, green channel approvals can be availed in combinations where there are no horizontal overlaps, no existing or potential vertical relationships and no complementary business activities between the combining parties, or their respective group entities, or involving any entity in which any of the combinings partied hold shares or have control.

Please share! Email Buffer Digg Facebook Google LinkedIn Pinterest Reddit Twitter
If you want to cooperate with us and would like to reuse some of our content,
please contact: contact@energetica-india.net.
 
 
 
Next events

 

Last interview
 
 
Privacy Policy (PDF) / Terms and conditions (PDF)
 Energetica India is a publication from Editorial Omnimedia. No reproduction in whole or part of content posted on this website.