Bharti Airtel announces buy out of 5.2% stake in Avaada MHBuldhana
Bharti Airtel on Friday announced it will acquire 5.2 percent stake in Avaada MHBuldhana, the solar power company for Rs 4.55 crore in an all-cash deal.
Avaada MHBuldhana Private Limited is a newly-formed solar power company and is developing a captive generating solar power plant in Maharashtra which will become fully operational by March 2021. It is a subsidiary of Avaada Energy Private Limited (AEPL).
According to a regulatory filing submitted by Bharti Airtel, AEPL has now developed a portfolio of over 1 gigawatt (GW) solar and wind projects across the country and is the first independent power producer to cross 1 gigawatt (GW) installed capacity milestone in India.
“The company 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,” the company said in a statement.
The all-cash transaction is expected to close by March 31, 2021. More details about the investments are awaited.