Indus Towers, a Bharti Airtel subsidiary company, has announced that it is acquiring 26% stake in JSW Green Energy Eight Limited. The JSW group of company in concern here is a special purpose vehicle (SPV) set up to procure energy from solar PV plan. For a company like Indus Towers, this is a great move to power its towers. Bharti Airtel has already announced that it has solaried more than 30,000 of its towers. This deal will further enable the company to extend the number of solarised towers. It will not just reduce the costs for Bharti Airtel and Indus Towers, but will also be good for reducing carbon emissions.
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The deal has been done for Rs 38.04 crore between the companies. The JSW Green Energy Eight Limited was set up in Octobre 2024. Indus Towers has said that the completition time of the deal is estimated to be July 26, subject to regulatory approvals.
In a release on Thursday, Indus Towers said, "we wish to inform you that the Company has entered into an agreement for acquisition of 26% of the equity share capital, on a fully diluted basis, in JSW Green Energy Eight Limited, a special purpose vehicle (SPV), for the procurement of renewable energy from Solar PV plant, under Captive mode in accordance with the provisions of the Electricity Act, 2003, the Indian Electricity Rules, 2005, Electricity (Promoting Renewable Energy Through Green Energy Open Access) Rules, 2022 and amendments thereof."
