Airtel to pick up 26% stake in clean energy startup AMPSolar for Rs 8.4 cr

Airtel

Telecom operator Bharti Airtel has signed a pact with AMPSolar Evolution to acquire 26 per cent stake in the solar power firm for Rs 8.4 crore.

The Sunil Bharti Mittal-led firm has signed an agreement with the renewable energy company to meet the green energy needs and optimise energy costs, as well as to comply with the regulatory requirement around consumption of electricity.

"...the company has entered into an agreement on October 18, 2019 for acquisition of equity shares and compulsory convertible debentures (CCDs) in AMPSolar Evolution Private Limited," Bharti Airtel said in a late night regulatory filing on Friday.

AMPSolar Evolution is a wholly-owned subsidiary of AMPSolar Technology Private Limited and a special purpose vehicle for the purpose of setting up captive solar power projects in Uttar Pradesh.

Airtel will subscribe to 84,000 equity shares, equivalent to 26 per cent stake in the company, for Rs 10 each amounting to Rs 8.4 crore.

Apart from equity, Airtel will also subscribe to 83,160 CCDs of Rs 1,000 each amounting to Rs 8.31 crore.

The turnover of AMPSolar Evolution was nil as on March 31, 2019, according to the filing.



Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel