Nxtra Data Ltd to acquire 11.334% in SPV for Captive Power Plant

article continues after this advertisement

Nxtra Data Limited, a subsidiary of Bharti Airtel Limited has entered into an Agreement for acquisition of 11.334% equity stake in Avaada KNShorapur 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.

Avaada KNShorapur is engaged in business to act as a Special Purpose Vehicle (SPV) under Avaada Indiclean Private Limited to develop, execute, manage and run upto 10 MW Solar Power Generation Plant(s) in the State of Karnataka in accordance with the policy of the Government of Karnataka relating to production, supply and distribution of solar energy.

It is a Subsidiary of Avaada Indiclean Private Limited which is primarily engaged in the business to act as a Special Purpose Vehicle (SPV) created by Avaada Energy Private Limited to develop, execute, manage and run upto 50 MW Solar Power Generation Plant(s) in the State of Karnataka in accordance with the policy of the Government of Karnataka relating to production, supply and distribution of solar energy.