Bharti Airtel has announced its agreement to acquire 12.07 per cent (283,400 equity shares) of Egan Solar Private Limited. The acquisition aims at meeting the regulatory requirement for captive power consumption under electricity laws.
Egan Solar Power Private Limited is actively involved in the establishment, commissioning, and generation of electricity through renewable energy sources. The acquisition reportedly aligns with the objectives of complying with the regulations governing captive power plants, as specified under the Electricity Act of 2004 and the Indian Electricity Rules of 2005, which allows Airtel to procure cost-effective renewable energy resources.
The completion of the acquisition is contingent upon Egan Solar’s receipt of all necessary consents and permissions from regulatory authorities for open access to captive electricity consumption.