NEW DELHI: Bharti Airtel on Friday mentioned it should purchase 5.2 per cent stake in solar power 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 power plant in Maharashtra which can turn into operational by March 2021.
It’s 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 impartial energy producer to cross 1 GW put in capability milestone in India, in line with a regulatory submitting by Bharti Airtel.
“The corporate has entered into an settlement on November 19 for acquisition of fairness shares in Avaada MHBuldhana Non-public Restricted a special purpose vehicle fashioned for the aim of proudly owning and working the captive energy plant, when it comes to the regulatory requirement for captive energy consumption underneath electrical energy legal guidelines,” it added.
The transaction is predicted to shut by March 31, 2021.

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