In a major diversification move, telecom giant BhartiAirtel has announced to acquire an additional 3.3% stake in special purpose vehicle Avaada MHBuldhana that has been formed for owning and operating a captive power plant.
The company earlier picked a 5.2% stake in Avaada MHBuldhana for Rs 4.55 crore in an all-cash deal. The transaction is expected to be completed by April 30, the filing said.
“…we wish to inform you that the company has further agreed on March 22, 2021, for the acquisition of additional 2,914,100 equity shares, approximately 3.33 per cent, ….in Avaada MHBuldhan Private Limited, a special purpose vehicle formed for the purpose of owning and operating captive power plant, in terms of the regulatory requirement for captive power consumption under electricity laws,” Airtel said in a regulatory filing.
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