6th Jan 2016 09:07
LONDON (Alliance News) - Technology company Intelligent Energy Holdings PLC on Wednesday said it has secured regulatory clearance in India for the acquisition of the energy management arm of GTL Ltd, which provides energy to telecommunications towers in India.
Intelligent Energy is buying the unit of around GBP85.0 million to boost its Distributed Power & Energy division and to provide the company with a customer base to which it can start rolling out its fuel-cell technology. Intelligent Energy said, announcing the deal in October, that it also provides a major platform for fuel cells to be deployed as a distributed power service.
The company now has secured approval for the deal from the Competition Commission of India and said it had made good progress in securing all other necessary regulatory approvals.
Intelligent Energy shares were up 0.8% to 78.72 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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