India: Airtel acquires 5.2% stake in Avaada Energy’s arm

Bharti Airtel Ltd has picked up a 5.2% stake in Avaada MHBuldhana Pvt. Ltd, a solar power firm, for ₹4.55 crore.

Avaada MHBuldhana, a subsidiary of Avaada Energy Pvt. Ltd, is a newly-formed entity that is developing a captive solar power plant in Maharashtra. It will become operational by March and, hence, its revenue was nil as on 31 March, Bharti Airtel said in a stock exchange filing on Friday.

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