On Friday, Bharti Airtel Ltd. said it will acquire a 5.2 percent interest in Avaada MHBuldhana Pvt., a solar power company. Ltd. in an all-cash contract for Rs 4.55 crore. Avaada MHBuldhana, a newly founded Avaada Energy Pvt. subsidiary. Ltd., in Maharashtra, is constructing a captive solar power plant that will become operational by March 2021.
According to a regulatory filing by Bharti Airtel, Avaada Energy has built a portfolio of over 1 GW of solar and wind projects across India and is the first independent power producer to have 1 GW of installed capacity in the world. The company has entered into an agreement in avaada for the acquisition of equity shares on Nov19, a special purpose vehicle, in terms of the regulatory requirement.
It is anticipated that the deal will close by March 31, 2021.
Bharti Airtel Limited is an Indian MNC services firm headquartered in New Delhi, Delhi NCT, also known as Airtel. It operates in 18 countries and also in the Channel Islands in South Asia and Africa. Depending on the country of operation, Airtel provides GSM, 3G, 4G LTE, 4G+ mobile networks, fixed-line broadband, and voice services.
Airtel has also carried out its VoLTE technology in all telecommunications circles in India. With over 439.84 million subscribers, it is the second-largest mobile network operator in India and the second-largest mobile network operator in the world. In the first-ever Brandz ranking by Millward Brown and WPP plc, Airtel was named India’s 2nd most valued brand.
Airtel is credited with pioneering the corporate strategy of outsourcing all its business activities except marketing, distribution, and finance and developing the low cost and high volume ‘minute factory’ model. Multiple operators have since implemented the technique. Ericsson, Huawei, and Nokia Networks supply and manage Airtel’s equipment, while Amdocs provides IT support.
Bharti subsidiaries and joint venture firms, including Bharti Infratel and Indus Towers in India, manage the transmission towers. Ericsson decided for the first time to be charged by the minute for their equipment installation and maintenance rather than being paid upfront, enabling Airtel to have low call rates of (1.4 US) per minute.