Airtel to acquire stake in captive power plant owner Avaada KNShorapur
Bharti Airtel has agreed to acquire a stake of 11.3% in Avaada KNShorapur, a special purpose vehicle created for owning and operating a captive power plant in Karnataka.
The consideration for the acquisition is INR 2.8 crores in cash.
Bharti Airtel’s acquisition of the stake in Avaada KNShorapur is in terms of the regulatory requirement for the consumption of captive power under electricity laws.
Airtel to acquire stake in captive power plant owner Avaada KNShorapur. Photo courtesy of Michael Schwarzenberger from Pixabay.
Avaada KNShorapur, which is a subsidiary of Avaada Indiclean, is planned to develop, execute, manage and operate up to 10MW solar power plant(s).
The closing of the deal is subject to grid connectivity approval and open access approval and wheeling and banking agreement (WBA).