The group had earlier announced to foray in the solar power business through special purpose vehicles (SPVs) and evaluating induction of investors in it.
    
"...the Company has, on October 06, 2015, entered into a definitive Share Subscription and Shareholders Agreement (SSA) with AEIF Mauritius SPV 1 Limited, an Abraaj Group Company, to build a renewable energy platform focused on developing utility-scale solar power plants in India," AVNL informed BSE in a regulatory filing.
    
Abraaj Group is operating in the markets of Africa, Asia, Latin America, the Middle East and Turkey and is a leading private equity investor managing approx USD 9 billion of funds.
    
"As per the SSA, subject to the customary closing conditions and subject to the requisite approvals, ABNL and AEIF Mauritius SPV 1 Limited will hold 51 percent and 49 percent of the paid up share capital respectively, in Aditya Birla Renewables Limited, currently a wholly owned subsidiary of ABNL," it said.

 

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