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Vedanta to acquire Athena Chhattisgarh Power for Rs 564.67 Crore
Vedanta Limited
Vedanta Ltd on Thursday said it will acquire debt-ridden Athena Chhattisgarh Power Ltd for Rs 564.67 crore.
Vedanta Ltd on Thursday said it will acquire debt-ridden Athena Chhattisgarh Power Ltd for Rs 564.67 crore. It will acquire 100% of the paid-up capital of Athena Chhattisgarh Power Limited and the acquisition is estimated to be completed in FY 2023.
The company in a regulatory filing said, "The acquisition will fulfill the power requirement for Vedanta Aluminium Business and via vertical integration add synergies by providing a cost advantage pertaining to power consumption."
The power generation company was admitted under Corporate Insolvency Resolution Process ("CIRP") on May 15, 2019, and on May 13, 2021, NCLT Hyderabad bench directed initiation of the Liquidation process of the Company.
Athena Chhattisgarh Power Limited is a 1200MW coal-based power plant located at Jhanjgir Champa district, Chhattisgarh. The Plant has 2 units of 600MW each. Unit 1 and Unit 2 are 80% and 30% complete respectively and therefore, the Company has never been operational. The Plant is well connected to national highways and railway stations and is also located in close proximity to its water source, Mahanadi River and fuel source.
