Bharti to buy 5.2% in solar firm Avaada

Bharti Airtel on Friday said it will acquire 5.2% stake in solar power firm Avaada MHBuldhana for ₹ 4.55 crore in an all-cash deal.

Avaada MHBuldhana Pvt. Ltd., a subsidiary of Avaada Energy Private Limited (AEPL)., Is developing a captive generating solar power plant in Maharashtra which will become operational by March 2021.

AEPL has developed a portfolio of over 1 gigawatt solar and wind projects across the country and the first independent power producer to cross 1 GW installed capacity milestone in India, according to a filing by Bharti Airtel.

The deal is expected to close by March 31, 2021.

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