Thailand’s PTT Buys $453 Million Stake in India’s Avaada
- Global Power completes purchase of 41.6% stake in Avaada
- Deal announced just days after PTT’s Allnex purchase
Photographer: Prashanth Vishwanathan/Bloomberg
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Global Power Synergy Pcl, the listed power unit of Thailand’s state-owned PTT Group, has acquired a stake in Indian renewable energy provider Avaada Energy Pvt for about 14.8 billion baht ($453 million).
Global Power completed the purchase of about 41.6% stake in Avaada through subscription of new shares, the company said in a statement late Tuesday, confirming an earlier Bloomberg News report. The transaction aligns with the firm’s international growth strategy in renewable energy, it said.