New Delhi: Telecom company Bharti Airtel has acquired a 5.2 per cent stake in solar energy company Avaada MHBuldhana Pvt Ltd. The company said that the stake has been traded for Rs 4.55 crore.
Avada MH Buldhana is involved in solar power plant construction
Avada MHBuldhana is a newly formed company. The company is involved in solar power plant construction in Maharashtra. Avada MHBuldhana Company is a subsidiary of Avaada Energy Pvt Ltd (AEPL).
The deal will be completed by March 2021
Bharti Airtel has stated in the regulatory filing that the company is expected to start by March 2021 and by March 31, 2020, the company’s revenue was zero. The deal is fully in cash and will be completed by March 2021.
Airtel has said that Avada Energy has prepared a portfolio of 1 GW solar and wind projects in the country. AEPL is the first independent company in India to have an installed capacity of 1 GW. Awada Energy is one of the largest renewable energy portfolios in the country with a base installed of 1010 MWp and a pipeline of 2800 MWp. Explain that the acquired Avada MHBuldhana Company is involved in the business of manufacturing and transmission of other sources related to renewable energy. An agreement has been reached between Bharti Airtel and Avada MHBuldhana on November 19 regarding the purchase of equity shares.
