Bharti Airtel to acquire additional 3.3% in Avaada MHBuldhana
Published 24 March 2021
Bharti Airtel is set to acquire an additional 3.3 per cent stake in Special Purpose Vehicle Avaada MHBuldhana.
The SPV has been formed for owning and operating a captive power plant.
The Sunil Bharti Mittal-led firm had earlier acquired 5.2 per cent stake in Avaada MHBuldhana for for $45 million in an all-cash deal.
“We wish to inform you that the company has further agreed on March 22, 2021 for acquisition of additional 2,914,100 equity shares, approximately 3.33 per cent in Avaada MHBuldhan Private Limited, a special purpose vehicle formed for the purpose of owning and operating captive power plant, in terms of the regulatory requirement for captive power consumption under electricity laws,” Airtel said in a filing to the stock exchanges in India.
The transaction is expected to be completed by April 30, the filing said.
Avaada MHBuldhana Private Limited, is a Group Company of Avaada Energy Private Limited (AEPL), a player in the Indian solar industry. An early entrant, through its associate companies, the organization had developed a portfolio of over 1 GW solar and wind projects across the country and the first Independent Power producer (IPP) to cross 1GW installed capacity milestone in India, according to regulatory filings.
Avaada MHBuldhana Private Limited is a newly formed company and developing captive generating solar power plant in Maharashtra which will become operational by March 2021. It has attracted investors into renewable portfolio from the likes of ADB, FMO – France, Proparco -Netherlands and DEG -Germany.