Bharti Airtel Ltd. on Friday said it will acquire 5.2% stake in solar power company Avaada MHBuldhana Pvt. Ltd. for Rs 4.55 crore in an all-cash deal.
Avaada MHBuldhana, a newly formed subsidiary of Avaada Energy Pvt. Ltd., is building a captive solar power plant in Maharashtra that will become operational by March 2021.
Avaada Energy has developed a portfolio of over 1 GW solar and wind projects across India and is the first independent power producer to have 1 GW in installed capacity in the country, according to a regulatory filing by Bharti Airtel.
"The company has entered into an agreement on Nov. 19 for acquisition of equity shares in Avaada MHBuldhana Pvt. Ltd., 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 expected to close by March 31, 2021.
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