Indus Towers has entered into an agreement to acquire a 26 percent stake in Amplus Tungabhadra Private Limited, a special purpose vehicle (SPV) operating in the renewable energy space, for a cash consideration of approximately Rs 27 crore, the telecom tower company informed exchanges on Tuesday.
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Investment in Renewable Energy
Indus Towers said, "The planned acquisition is for the purpose of owning and operating a captive power plant, in keeping with the regulatory requirements for captive power consumption under India’s electricity laws."
"…the company has entered into an agreement for acquisition of 26 percent of the equity share capital, on a fully diluted basis, in Amplus Tungabhadra Private Limited, a special purpose vehicle, for the purpose of owning and operating a Captive Power Plant," Indus Towers said in a BSE filing on February 4, 2025.
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Benefits and Sustainability Goals
The telecom tower company added that it will consume 50 MW of renewable energy from Solar PV power plant in compliance with regulatory requirement for captive power plants as per the provisions of Electricity Act, 2003 and Indian Electricity Rules, 2005. "This acquisition aligns with the company's renewable energy objectives, supporting the consumption of sustainable energy and advancing its Net Zero goals," Indus Towers said.
The deal is subject to the receipt of all consents, permissions required to be obtained by Amplus Tungabhadra from regulatory authority(s), and the indicative time of completion is February 2026, the company added.
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Amplus Tungabhadra
Amplus Tungabhadra Private Limited was incorporated in October 2023 and is engaged in the business of owning, establishing, constructing, operating and maintaining necessary power stations including renewable energy plants and to generally generate and/or undertake captive generation, accumulate, bank, transform, distribute, transmit, trade, supply and deal in electricity. Amplus Tungabhadra will be setting up a 50 MW Solar PV captive power plant.
