Vodafone Idea has invested ₹26,000 as the first tranche of a total proposed investment of ₹1.56 Crore in Aditya Birla Renewables SPV 3 Limited (ABRen SPV 3). This investment represents an acquisition of 26% of ABRen SPV 3’s equity share capital. The move aligns with regulatory requirements for captive power plants and aims for cost-effective renewable energy procurement.
Investment in Renewable Energy Venture
Vodafone Idea has made an initial investment in Aditya Birla Renewables SPV 3 Limited (ABRen SPV 3), marking the first tranche of a larger planned commitment. The company invested ₹26,000 in ABRen SPV 3. This represents the initial phase of a total proposed investment of ₹1.56 Crore.
Details of the Acquisition
The investment secures Vodafone Idea a 26% equity stake in ABRen SPV 3, translating to 2,600 equity shares valued at ₹10 each. This acquisition is part of a broader strategy to comply with regulatory requirements and secure renewable energy sources.
Rationale and Objectives
This strategic move enables Vodafone Idea to meet regulatory obligations for captive power plants under the Electricity Act, 2003, and the Indian Electricity Rules, 2005. The acquisition is designed to facilitate the procurement of cost-effective renewable energy. ABRen SPV 3 is focused on establishing and operating electricity generating stations, primarily through solar and wind energy.
ABRen SPV 3 Overview
ABRen SPV 3, a subsidiary of Aditya Birla Renewables Limited, was incorporated on 21 November 2024. It is currently setting up a Captive Solar Power Plant in Maharashtra. The company’s main business involves generating and supplying power using solar and wind energy. As of the latest report, its turnover is Nil.
Source: BSE
