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The Competition Commission of India is looking into the acquisition of Hero Future Energies (HFE) by the Abu Dhabi Future Energy Company.
“The proposed transaction relates to proposed acquisition of a minority stake by way of subscription of equity shares in HFE UK and non-voting compulsorily convertible preference shares in HFE India, by the Acquirer (Abu Dhabi Future Energy Company),” a CCI statement said.
The Proposed Transaction is in the nature of an acquisition and falls under Section 5 (a) of the Competition Act, 2002 and Schedule III, read with subregulation (1) of Regulation 5A of the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011 (Green Channel filing).
This provision, introduced by the CCI, was effective from August 15.
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