Bharti Airtel on Friday mentioned it would purchase 5.2 per cent stake in solar energy firm Avaada MHBuldhana for Rs 4.55 crore in an all-cash deal.
Avaada MHBuldhana Personal Restricted is a newly-formed firm and growing a captive producing solar energy plant in Maharashtra which is able to turn out to be operational by March 2021.
It’s a subsidiary of Avaada Power Personal Restricted (AEPL).
AEPL has developed a portfolio of over 1 gigawatt photo voltaic and wind tasks throughout the nation and the primary impartial energy producer to cross 1 GW put in capability milestone in India, in keeping with a regulatory submitting by Bharti Airtel.
“The corporate has entered into an settlement on November 19 for the acquisition of fairness shares in Avaada MHBuldhana Personal Restricted a particular goal automobile shaped for the aim of proudly owning and working the captive energy plant, by way of the regulatory requirement for captive energy consumption beneath electrical energy legal guidelines,” it added.
The transaction is predicted to shut by March 31, 2021.