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.
