Bharti Airtel has acquired a 5.2 per cent stake in Avaada MHBuldhana for Rs 45.5 million in an all-cash deal.
Avaada MHBuldhana Private Limited, subsidiary of Avaada Energy Private Limited (AEPL), is a solar power company which is developing a captive generating solar power plant in Maharashtra. It will become operational by March 2021.
According to Airtel, AEPL has developed a portfolio of over 1 gigawatt solar and wind projects across the country and is the first independent power producer to cross 1 GW installed capacity milestone in India.
The transaction is expected to close by March 31, 2021.