Bharti Airtel on Friday mentioned it’s going to acquire 5.2 per cent stake in solar energy firm Avaada MHBuldhana for Rs 4.55 crore in an all-cash deal.
Avaada MHBuldhana Private Limited is a newly-formed firm and growing a captive producing solar energy plant in Maharashtra which is able to develop into operational by March 2021.
It is a subsidiary of Avaada Energy Private Limited (AEPL).
AEPL has developed a portfolio of over 1 gigawatt photo voltaic and wind initiatives throughout the nation and the primary unbiased energy producer to cross 1 GW put in capability milestone in India, in line with a regulatory submitting by Bharti Airtel.
“The company has entered into an agreement on November 19 for the acquisition of equity shares in Avaada MHBuldhana Private Limited a special purpose vehicle formed for the purpose of owning and operating the captive power plant, in terms of the regulatory requirement for captive power consumption under electricity laws,” it added.
The transaction is predicted to shut by March 31, 2021.
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