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Bharti Airtel’s consolidated loss stood at Rs 760 crore in the second quarter of the current financial year.
- Purchased stake to meet the requirement of electricity law
- Purchase process can be completed by 31 March 2021
Telecom company Bharti Airtel has announced to buy a 5.2% stake in solar power company Avada MH Buldhana. The company said on Friday that the stake was bought in a cash deal worth Rs 4.55 crore. Avada MH Buldhana is a newly formed company. This company is associated with the construction of solar power plant in Maharashtra. The company is expected to start by March 2021. Avada MH Buldhana is a subsidiary of Avada Energy Private Limited (AEPL).
AEPL has 1 GW Solar and Vid Power portfolio
Bharti Airtel has said in a regulatory filing that AEPL has prepared a portfolio of 1 GW of solar and wind power projects in India. AEPL is the first independent company in the country to have an installed capacity of 1 GW. Bharti Airtel and Avada MH Buldhana reached an agreement on 19 November to buy equity shares. Bharti Airtel made this purchase considering the need for captive power consumption under the electricity law. The deal is expected to be completed by 31 March 2021.
Bharti Airtel reported a loss of Rs 760 crore in the second quarter
Bharti Airtel’s consolidated loss stood at Rs 760 crore in the second quarter of the current financial year. In the first quarter of this year, the company had a loss of Rs 15,930 crore. Consolidated revenue of the company increased to Rs 25,790 crore in the second quarter. The company’s Ebitda in the second quarter stood at Rs 11,848 crore. At the same time, Ebitda margin is 46%. Bharti Airtel’s average revenue per user (ARPU) for the second quarter stood at Rs 162.
Airtel will use 2G network in 4G
Bharti Airtel plans to use its 2G network in 4G for better coverage. The telecom company has started installing 4G technology in the 900 MHz band in 10 telecom circles. The company was earlier using this band in 2G services. The company’s goal is to improve coverage indoors. According to a senior Bharti Airtel official, the refurbishing of 900 MHz spectrum band for 4G services is going on in Delhi, Kolkata, Andhra Pradesh, North East, Karnataka and Rajasthan.