The Competition Commission of India (CCI) on Thursday approved the purchase of stake in Hero Future Energies Global Ltd by Ardor Holdings II Pte.
Ardor Holdings II Pte Ltd is a special purpose vehicle of global investment firm KKR & Co Inc.
The proposed combination relates to subscription of compulsorily convertible preference shares of Hero Future Energies Global Ltd (HFE) by Ardor Holdings II Pte Ltd.
Subsequently, these shares will be converted into the equity shareholding of HFE.
According to an official release, CCI has approved “subscription of compulsorily convertible preference shares of Hero Future Energies Global Ltd by Ardor Holdings II Pte Ltd”.
HFE is the renewable energy arm of the Hero Group.
In another release, the regulator said it has cleared the acquisition of 20 per cent equity share capital of Keimed Pvt Ltd (Keimed) by Shobana Kamineni through Prime Time Logistics Technologies Pvt Ltd (PTL).
The proposed combination relates to acquisition of the share capital from from Mitsui & Co. (Asia Pacific) Pte Ltd. Keimed is engaged in the business of wholesale, sale and distribution of pharmaceutical products.
Deals beyond a certain threshold have to be approved by CCI, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
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