Bharti Airtel’s subsidiary -- Nxtra Data has entered into an agreement for acquisition of additional 2,390,500 (5.464%) equity shares of Rs 10 each 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.
Object 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. Cost of acquisition is Rs 2.39 crore.
Bharti Airtel is a leading integrated telecommunications company with operations across Asia and Africa.
