Abu Dhabi firm to pick up minority stake in Rahul Munjal’s Hero Future Energy
Mumbai: Abu Dhabi Future Energy Company PJSC, also known as Masdar, one of the largest developers of renewable energy in the Middle East, is picking up a minority stake in the renewable energy company Hero Future Energies Pvt. Ltd owned by Rahul Munjal of Hero Group, according to a filing made to the Competition Commission of India (CCI).
The offer was filed for an approval from CCI on 28 October under the green channel route for mergers & acquisitions, which allows fast and automatic approvals for clean energy projects.
The transaction will see Masdar pick up equity stake in overseas entities that control Hero Future Energies Pvt. Ltd, as well as subscribing to non-voting compulsorily convertible preference shares in the company.
