Bharti Airtel’s subsidiary — Nxtra Data has entered into an agreement for acquisition of 51,17,000 (11.696%) equity shares in Avaada MHAmravati, 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 objective of acquisition is to comply with 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.
Bharti Airtel is a leading integrated telecommunications company with operations across Asia and Africa.
