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(Photo: Reuters)
(Photo: Reuters)

Airtel buys 5.2% stake in Avaada Energy’s arm

The acquired entity, Avaada MHBuldhana, generates and transmits solar energy, and other sources of renewable energy

Bharti Airtel Ltd has picked up a 5.2% stake in Avaada MHBuldhana Pvt. Ltd, a solar power firm, for 4.55 crore.

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 by March and, hence, its revenue was nil as on 31 March, Bharti Airtel said in a stock exchange filing on Friday.

The acquisition is an all-cash deal and will be completed by March. 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 said.

“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 said.

The acquired entity, Avaada MHBuldhana, generates and transmits solar energy, and other sources of renewable energy

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