Mumbai, Aug. 13 -- Vodafone Idea shares dipped 1.08% on Tuesday after the company said it would buy a 26% stake in Aditya Birla Renewables SPV 3 to secure renewable energy for its captive power needs, The Financial Express reported.

The telecom major announced it had signed binding Purchase and Power Purchase Agreements (PPAs) on August 12 to acquire the stake in Aditya Birla Renewables SPV 3 Limited (ABRen SPV 3), a special-purpose vehicle formed to own and operate a captive power plant.

The entity has no turnover at present.

Vodafone Idea said the acquisition will cost Rs.1.56 crore for 15,60,000 equity shares of Rs.10 each, to be invested in one or more tranches over about six months.

Earlier in May, Vodafone Idea reported a consol...