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.
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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.
Avaada Energy has so far developed a portfolio of more than 1 gigawatt (GW) solar and wind projects across the country. It has also built the first independent power producer (IPP) to have crossed 1GW installed capacity in India, Bharti Airtel had said in November.
“With an installed base of 1010 MWp (megawatt peak) and pipeline of 2800 MWp, (Avaada Energy) holds one of the largest renewable energy portfolios in India,” it had said.
The acquired entity, Avaada MHBuldhana, generates and transmits solar energy, and other sources of renewable energy.