The Competition Commission of India (CCI) has approved Abu Dhabi Future Energy's plan to acquire equity stake in Hero Future Energies Global Ltd.
The transaction also involves the acquisition of non-voting compulsorily convertible preference shares in Hero Future.
"The proposed combination in terms of combination regulations (that is notice for approval of combinations under green channel) is deemed to be approved," the CCI said in a statement on Wednesday.
The green channel concept allows for automatic system for speedy approval of certain categories of mergers and acquisitions.
Abu Dhabi Future Energy is an international renewable energy and sustainability company that provides solutions in energy, water, urban development and clean technologies.
HFE India is a wholly-owned subsidiary of Hero Future Energies Asia Pte Ltd which is 100 per cent held by HFE UK. HFE India is primarily engaged in the implementation of power projects and generation of power through renewable sources of energy, and also provides professional consultancy services.