Nxtra picks up 11.7% stake in Avaada MHAmravati

Nxtra Data Limited, a subsidiary Bharti Airtel has entered into an agreement for acquisition of 11.696% equity shares in Avaada MHAmravati Private Limited, a special purpose vehicle, formed for the purpose owing and creating captive power plant.

The acquisition is to comply with the regulatory requirements for captive power plants under the provisions of the Electricity Act 2003 and Indian Electricity Rules 2005 and the procurement of cost-effective renewable energy.

Consideration to be paid for such acquisition is Rs 5.12 crore for the acquisition of aggregate 51, 17,000 equity shares of Rs10 each.

Avaada MHAmravti is a company engaged in business to carry on in India or elsewhere the business of commissioning, operating, , establishing, setting up, and generating electricity/ power supply through renewable energy sources such as wind, solar, biomass, hydro, geothermal, co-generation, and/ or any other means.

CT Bureau