Bharti Airtel has acquired a 3.33 per cent stake in special purpose vehicle (SPV) Avaada MHBuldhana. The indicative time for completion of the acquisition is April 30, 2021.
Avaada MHBuldhana was formed for owning and operating the captive power plant in terms of the regulatory requirement for captive power consumption. Earlier, Airtel had acquired a 5.2 per cent stake in the SPV for Rs 45.5 million in an all cash deal.
In a separate development, Airtel has entered into an agreement for acquisition of 7.48 per cent equity shares in Sandhya Hydro Power Project Balargha, for Rs 17.4 million.
This acquisition will allow Airtel’s Nxtra to power key edge data centres in Delhi.