Thailand's GPSC buys 42% stake in green energy firm Avaada for Rs.3,388-Cr

Thailand-based, publicly listed utility Global Power Synergy Public Company (GPSC) has acquired a 41.6% stake in Mumbai-based green energy company Avaada Energy Pvt Ltd for Thai baht 14.82 billion (INR 3,388 crore). GPSC's subsidiary Global Renewable Synergy Company will acquire the stake in Avaada. Avaada had raised an initial funding of INR 800 crore from investors such as Asian Development Bank, and subsequently raised more funds and sold stake in a subsidiary to Bharti Airtel. Avaada had appointed Bank of America in 2020 to advise on the stake sale. Avaada Energy was founded by former Welspun Energy promoter Vineet Mittal in 2017 after the Welspun Group exited the renewable energy business by selling it to the Tata group.