Bharti Airtel to acquire 26% stake in AMPSolar for Rs 8.4 cr

Telecom operator Bharti Airtel has signed a pact with AMPSolar Evolution to acquire 26 percent 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 optimize energy costs, as well as to comply with the regulatory requirement around the consumption of electricity.

"...the company has entered into an agreement on October 18, 2019, for the 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 of Rs 10 each amounting to Rs 8.4 lakh and 83,160 CCDs of Rs 1,000 each amounting to Rs 8.31 crore -- representing a total 26 percent stake in the company. The turnover of AMPSolar Evolution was nil as on March 31, 2019, according to the filing.