The company further stated that the completion of the acquisition is conditional upon receiving all necessary approvals and permissions from regulatory authorities for open access to electricity for captive consumption by AMP Energy Green Three.
Bharti Airtel Group chairman Sunil Mittal is going to achieve another feat with an acquisition in AMP Energy Green Three Pvt.. The company has acquired a 26% stake in the AMP Energy Green Three, Bharti Airtel said in a stock exchange filing, NDTV Profit reported.
The telecom giant has inked a deal for the acquisition of 3,78,90,005 equity shares, or a 26% stake, in the special-purpose vehicle. The company further said that it will acquire the equity share Rs 10 each, for a whole of Rs 37.9 crore. Bharti made it clear that the acquisition does not fall in the ambit of ‘related-party-transaction.’
The company further stated that the completion of the acquisition is conditional upon receiving all necessary approvals and permissions from regulatory authorities for open access to electricity for captive consumption by AMP Energy Green Three.
AMP Energy Green Three is an SPV of AMP Energy Green Pvt which is established to develop, construct, operate, and maintain a 50 MW hybrid wind and solar power plant at Village Jodh Singh Ka Gaon, in Rajasthan’s Barmer district.
Bharti Airtel has a market cap of Rs 9.53 lakh crore and the company’s chairman Sunil Mittal has a net worth of Rs $11.8 billion.