Fuel cell developer Intelligent Energy’s acquisition of energy management business GTL to a significant step forward after receiving clearance from India’s competition authority.
IE said continues to make good progress with regard to the other conditions required to complete the transaction.
The Loughborough-based company signed an agreement in October to acquire GTL’s energy management business to provide hydrogen fuell cell power systems to over 27,400 telecom towers in India.
IE expects to earn £120m revenue per year with significant growth potential in line with its growth strategy for its distributed power and generation division.