New Delhi : Bharti Airtel has entered into an Agreement for acquisition of 62,58,000 (14.304%) equity shares in Avaada MHAmravati Private Limited, a special purpose vehicle formed for the purpose of owning and operating the Captive Power Plant at Rs.6.25 crore. The company will acquire total 62,58,000 shares at Rs.10 each.
Avaada MHAmravti is engaged in business to carry on in India or elsewhere the business of establishing, commissioning, setting up, operating and generating of electricity/ power supply through renewable energy sources such as wind, solar, bio-mass, hydro, geo thermal, co-generation and/ or any other means includina transmission, distribution, supply and sale of such power either directly or through transmission lines and facilities of Central I State Governments or Private companies or Electricity Boards to industries and to Central/State Government and other consumers of electricity including captive consumption for any industrial projects promoted by this company or promoter companies and generally to develop, generate, accumulate power at any other place or places and to transmit, distribute, sell and supply such power. It is a Subsidiary of Avaada Energy Private Limited (Formerly known as Giriraj Renewables 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) contract basis.