The Economic Times
English EditionEnglish Editionहिन्दी
| E-Paper
Search
+

    Bharti Airtel to acquire 5.2% stake in Avaada MHBuldhana for Rs 4.55 crore

    Synopsis

    Avaada MHBuldhana Private Limited is a newly-formed company and developing a captive generating solar power plant in Maharashtra which will become operational by March 2021.

    The transaction is expected to close by March 31, 2021.

    Related Companies

    NSE
    BSE

    PEER COMPANIES

    NEW DELHI: Bharti Airtel on Friday said it will acquire 5.2 per cent stake in solar power company Avaada MHBuldhana for Rs 4.55 crore in an all-cash deal.

    Avaada MHBuldhana Private Limited is a newly-formed company and developing a captive generating solar power plant in Maharashtra which will become operational by March 2021.

    It is a subsidiary of Avaada Energy Private Limited (AEPL).

    AEPL has developed a portfolio of over 1 gigawatt solar and wind projects across the country and the first independent power producer to cross 1 GW installed capacity milestone in India, according to a regulatory filing by Bharti Airtel.

    "The company has entered into an agreement on November 19 for 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 expected to close by March 31, 2021.
    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    1 Comment on this Story

    Pandu D3 days ago
    Why is Airtel is entering in to RE space, is it new business vertical?
    The Economic Times