Vodafone Idea Limited (Vi) has signed binding purchase and power purchase agreements to acquire a 26 per cent equity stake in Aditya Birla Renewables SPV 3 Limited, a special-purpose vehicle set up to own and operate a captive renewable power plant.
The acquisition, costing Rs 15.6 million, will be completed in tranches over about six months and has been approved by Vi’s Audit Committee and Board as a related party transaction.
The deal aims to comply with regulatory mandates under the Electricity Act, 2003, and the Indian Electricity Rules, 2005 for captive power generation, while also securing cost-effective renewable energy for the company’s operations.
