Indian telecom network, Bharti Airtel, is looking forward to a seven per cent stake in Avaada KNShorapur for Rs 1.74 crore in cash consideration.
As per the regulatory filing, the telecom company has agreed upon buying 17,42,650 equity shares of Rs 10 each.
“…the company has entered into an agreement for the acquisition of 7.036 per cent equity stake in Avaada KNShorapur, a special purpose vehicle formed for the purpose of owning and operating the captive power plant, in terms of the regulatory requirement for captive power consumption under electricity laws,” the filing said.
Further, the statement read that the objects and effects of the acquisition are “to comply with the regulatory requirement for captive power plants under the provisions of Electricity Act 2003 and Indian Electricity Rules’ 2005 and procurement of cost-effective renewable energy”.
The development came after the telecom company had declared that Nxtra Data Ltd, its data centre subsidiary, is planning to acquire an 11.33 per cent equity stake in Avaada KNShorapur at Rs 2.80 crore on March 25.
About Avaada KNShorapur:
Avaada KNShorapur is a Special Purpose Vehicle (SPV) under Avaada Indiclean to develop, execute, manage and run up to 10 MW solar power generation plants in Karnataka under the state policy relating to the production, supply and distribution of solar energy.
