Bharti Airtel rose 1.97% to Rs 705.10 after the company said that it has entered into an agreement resulting into acquisition of aggregate 9.012% equity stake in Avaada CleanTN Project.
The teleco would be acquiring 7,885,150 equity shares of Rs 10 each for a cash consideration of Rs 7.88 crore.
Avaada CleanTN Project is special purpose vehicle (SPV) formed for the purpose of owning and operating the captive power plant. The SPV's capacity is 50MWac/65MWdc.
Bharti Airtel requires grid connectivity approval and short term open access/long term open access approval for the said acquisition.
The completion of the acquisition is subject to the receipt of all consents, permissions required to be obtained by Avaada from regulatory authority for open access for captive consumption of electricity.
Avaada is engaged in the business of establishing, commissioning, setting up, operating, and generating electricity/ power supply and sale of such power.
It is a subsidiary of Avaada Energy (formerly known as Giriraj Renewables) which is primarily engaged in the business of development and generation of energy and establishing, commissioning, setting up, operating and maintaining electric power generating stations based on conventional/non-conventional resources and setting up of infrastructure projects on engineering, procuring and constructing (EPC) contract basis.
Bharti Airtel is a global communications solutions provider with over 480 million customers in 16 countries across South Asia and Africa.
The company reported a 2.8% decline in consolidated net profit to Rs 830 crore in Q3 FY22 from Rs 853.6 crore posted in Q3 FY21. Total revenues stood at Rs 29,867 crore, up 12.6% YoY.
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