Bharti Airtel’s data centre subsidiary, Nxtra Data Ltd, has acquired an 11.33 per cent equity stake in Avaada KNShorapur Private Limited.
Avaada KNShorapur is engaged in business to act as a Special Purpose Vehicle (SPV) under Avaada Indiclean Private Limited to develop, execute, manage and run upto 10 MW Solar Power Generation Plant(s) in the State of Karnataka in accordance with the policy of the Government of Karnataka relating to production, supply, and distribution of solar energy.
“Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that Nxtra Data Limited, a subsidiary of the Company has entered into an Agreement for the acquisition of 11.334 per cent equity stake in Avaada KNShorapur 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,” the company said in a stock exchange filing on Friday.
Nxtra has acquired the stake for a cash consideration of Rs. 2,80,73,500/- in aggregate for acquisition of aggregate 28,07,350 equity shares of INR 10/- each.
The company further added that the acquisition has been made to comply with the regulatory requirements for captive power plants under the provisions of the Electricity Act 2003 and Indian Electricity Rules, 2005 and procurement of cost-effective renewable energy.
The completion of the acquisition is subject to the receipt of all consents, permissions required to be obtained by Avaada KNShorapur from the regulatory authority for open access for captive consumption of electricity, according to the filing.
