Nxtra Data, a subsidiary of the Bharti Airtel, has entered into an agreement to buy 5.1 million equity shares in Avaada MHAmravati Private Limited. The aforesaid amount of shares accounts for an 11.696 per cent stake in the company.
The transaction was carried out at Rs 10 per equity share, taking the total investment to Rs 51.2 million.
Incorporated in December 2019, Avaada MHAmravati is a subsidiary of Avaada Energy Private Limited, which is primarily engaged in the business of development and generation of energy and establishing, commissioning, setting up, operating and maintaining electric power generating stations based on conventional/non-conventional resources and setting up of infrastructure projects on engineering, procuring and constructing (EPC) on a contract basis.
