Fair trade regulator Competition Commission of India on Tuesday approved AMG Green Power's proposal to acquire a stake in Greenko Energy Holdings from Orix Corporation.
Greenko Energy Holdings operates a portfolio of renewable energy assets, consisting of wind, solar, hydro, and energy storage technologies spread across states in the country.
"The proposed combination envisages the proposed acquisition by AMG Green Power BV of certain shareholding in Greenko Energy Holdings from ORIX Corporation and proposed issuance of certain convertible notes by AM Green (Luxembourg) SARL to ORIX," the CCI said in a release.
AMG Green Power is a newly incorporated entity. AMG Lux is a holding company and does not have any business operations either in India or outside India.
Orix is the holding company of the Orix group.
It, directly or indirectly, is engaged in automobile leasing, commercial vehicle loans, provision of financial services, asset management services and power generation in India.
Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.
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