<p>Bharti Airtel on Friday said it will acquire 5.2 per cent stake in solar power company Avaada MHBuldhana for Rs 4.55 crore in an all-cash deal.</p>.<p>Avaada MHBuldhana Private Limited is a newly-formed company and developing a captive generating solar power plant in Maharashtra which will become operational by March 2021.</p>.<p>It is a subsidiary of Avaada Energy Private Limited (AEPL).</p>.<p>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 regulatory filing by Bharti Airtel.</p>.<p>"The company has entered into an agreement on November 19 for acquisition of equity shares in Avaada MHBuldhana Private Limited 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," it added.</p>.<p>The transaction is expected to close by March 31, 2021.</p>
<p>Bharti Airtel on Friday said it will acquire 5.2 per cent stake in solar power company Avaada MHBuldhana for Rs 4.55 crore in an all-cash deal.</p>.<p>Avaada MHBuldhana Private Limited is a newly-formed company and developing a captive generating solar power plant in Maharashtra which will become operational by March 2021.</p>.<p>It is a subsidiary of Avaada Energy Private Limited (AEPL).</p>.<p>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 regulatory filing by Bharti Airtel.</p>.<p>"The company has entered into an agreement on November 19 for acquisition of equity shares in Avaada MHBuldhana Private Limited 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," it added.</p>.<p>The transaction is expected to close by March 31, 2021.</p>