Sunil Mittal's Bharti Airtel to acquire 26% stake in THIS company for Rs 380000000, its business is...

Sunil Mittal is an Indian billionaire who runs telecom giant, Bharti Airtel. The 67-year-old continues to expand his business empire. Now, his Bharti Airtel, a Rs 9.53 lakh crore market cap firm, will acquire a 26 per cent stake in AMP Energy Green Three Pvt. for nearly Rs 38 crore, according to an exchange filing, NDTV Profit report. The telecom giant has entered into an agreement for the acquisition of 3,78,90,005 equity shares, or a 26% stake, in the special-purpose vehicle.

The Bharti group company said that it will acquire the equity shares of Rs 10 apiece, for an aggregate of Rs 37.9 crore. It clarified that the acquisition doesn't fall within the purview of 'related-party transactions'. The Sunil Mittal-led company said that the completion of acquisition "is subject to the receipt of all consents, permissions required to be obtained by AMP Energy Green Three from regulatory authority for open access for captive consumption of electricity".

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AMP Energy Green Three is an SPV created by Amp Energy Green Pvt. for developing, constructing, operating and maintaining a 50-MW hybrid wind-solar power plant in a village in Rajasthan's Barmer district. According to the telecom giant, the move will enable it to comply with regulatory requirements for captive power plants under the provisions of the Electricity Act, 2003 and Indian Electricity Rules, 2005 and procurement of cost-effective renewable energy. Meanwhile, Sunil Mittal has a real-time net worth of USD 11.8 billion. His company Bharti Airtel is among India's largest mobile phone operators. It competes with Mukesh Ambani's Reliance Jio.