Bharti Airtel arm acquires 11.69% in Avaada MHAmravati for Rs 5 cr

The telecom major's subsidiary, Nxtra Data, entered into an agreement for acquisition of 11.69% stake in Avaada MHAmravati, a special purpose vehicle formed for the purpose of owning and operating the captive power plant.

The company acquired 51,17,000 equity shares, 11.69% stake, in Avaada MHAmravati for Rs 5.11 crore. The completion of the acquisition is subject to the receipt of all consents, permissions required to be obtained by Avaada MHAmravati from regulatory authority for open access for captive consumption of electricity, the company stated.

Avaada MHAmravti is engaged in business to carry on in India or elsewhere the business of establishing, commissioning, setting up, operating and generating of electricity/ power supply through renewable energy sources such as wind, solar, bio-mass, hydro, geothermal and co-generation.

The company said that this acquisition will help in complying with regulatory requirement for captive power plants under the provisions of Electricity Act' 2003 and Indian Electricity Rules' 2005 and procurement of cost-effective renewable energy.

Bharti Airtel is a global communications solutions provider with over 491 million customers in 17 countries across South Asia and Africa.

The company's consolidated net profit surged 164.5% to Rs 2,007.80 crore on 22.3% increase in net sales to Rs 31,500.30 crore in Q4 FY22 over Q4 FY21

Shares of Bharti Airtel were down 0.88% to Rs 677.35 on the BSE.

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