Bharti Airtel to acquire 7% stake in Avaada KNShorapur

Bharti Airtel has entered into an agreement to acquire over 7%stake in Avaada KNShorapur for Rs 1.74 crore in cash. The deal will help Airtel comply with the regulatory requirement for captive power plants and procurement of renewable energy. Avaada KNShorapur is a Special Purpose Vehicle (SPV) under Avaada Indiclean to develop, execute, manage and run up to 10 MW solar power generation plants in Karnataka.