Bharti Airtel to acquire 5.2 pc stake in Avaada MHBuldhana for Rs 4.55 Cr

The telecom giant would acquire 5.2 per cent stake in solar power company Avaada MHBuldhana for Rs 4.55 crore in an all-cash deal. It is a subsidiary of Avaada Energy Private Limited (AEPL) which is the first independent power producer to cross 1 GW installed capacity milestone in India.

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 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," said Airtel in a statement.

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