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Airtel acquires 9% stake in Avaada Clean for ₹7.8 crore

Bharti Airtel has acquired around a 9 per cent stake in renewable energy firm Avaada Clean TN Project for about Rs 7.88 crore in an all-cash deal, according to a regulatory filing.

Bharti Airtel acquired a stake in Avaada to comply with regulatory requirements for captive power plants under the provisions of Electricity Act 2003 and Indian Electricity Rules 2005 and procurement of cost-effective renewable energy, the company said in a regulatory filing on Wednesday.

According to the filing, the company has paid ”Rs 7,88,51,500 in aggregate for the acquisition of aggregate 78,85,150 equity shares of Rs 10 each,” accounting for a 9.012 per cent stake. PTI

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