Airtel acquires additional 3.3% stake in Avaada Energy subsidiary
NEW DELHI: Telecom major Bharti Airtel Ltd has acquired an additional 3.33% stake in Avaada MHBuldhana Pvt. Ltd, a special purpose vehicle formed to own and operate a captive power plant, the company said in a stock exchange filing late on Monday. The transaction is expected to be completed by 30 April.
The Sunil Bharti Mittal-led company in November had picked up a 5.2% stake in Avaada MHBuldhana, a solar power firm, for Rs4.55 crore in an all-cash deal.
Avaada MHBuldhana, a subsidiary of Avaada Energy Pvt. Ltd, is a newly-formed entity that is developing a captive solar power plant in Maharashtra. It will become operational this month. As of 31 March, 2020, the revenue of Avaada MHBuldhana was nil as it is yet to start operations.
