Bharti Airtel's subsidiary Nxtra Data Limited acquired 5.464 per cent additional stake in Avaada MHAmravati Private Limited for Rs 2,39,05,000, the company announced on Thursday through an exchange filing. Nxtra Data now has a total of 17.16 per cent stake in the company.
Avaada MHAmravati Private Limited is a special purpose vehicle formed for the purpose of owning and operating the Captive Power Plant, under the terms of the regulatory requirement for captive power consumption under electricity laws. It is engaged in business to carry on in India or elsewhere the business of establishing, commissioning, setting up, operating and generating of electricity/ power
Avaada MHAmravati
supply through renewable energy sources such as wind, solar, biomass, hydro, geothermal, co-generation and/ or any other means including transmission, distribution, supply and sale of such power either directly or through transmission lines and facilities of Central and State Governments or Private companies or Electricity Boards to industries and to Central/State Government and other consumers of electricity including captive consumption for any industrial projects promoted by this company or promoter companies and generally to develop, generate, accumulate power at any other place or places and to transmit, distribute, sell and supply such power.
It is a Subsidiary of Avaada Energy Private Limited (Formerly known as Giriraj Renewables Private Limited) 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.
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