Airtel acquires stake in AvaadaClean for Rs 78.8 million

Bharti Airtel has acquired a 9 per cent stake in renewable energy firm,Avaada Clean TN Project, for about Rs 78.8 million.

The company has purchased 7.88 million equity shares of Rs 10 each. The acquisition will act as 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 the provisions of Electricity Act 2003 and Indian Electricity Rules 2005 and procurement of cost-effective renewable energy.

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