Vedanta to acquire Athena Chhattisgarh Power
COAL & MINING

Vedanta to acquire Athena Chhattisgarh Power

Vedanta will acquire Athena Chhattisgarh Power for Rs 564.67 crore. The liquidation process for the company was initiated in March last year. The acquisition for a purchase price of Rs 564.67 crore is likely to be completed in the ongoing financial year, adding that the consideration will be in the form of cash.

The acquisition will fulfill the power requirement for Vedanta aluminium business and through vertical integration, add synergies by providing a cost advantage pertaining to power consumption.

Athena Chhattisgarh Power has a 1,200 MW coal-based power plant located in the Jhanjgir Champa district in Chhattisgarh. Athena was admitted under Corporate Insolvency Resolution Process on May 15, 2019.

Unit 1 and unit 2 of the power plant are 80% and 30% complete, respectively. Therefore, the company has never been operational. The power plant is well connected to national highways and railway stations and is also located in close proximity to its water source, the Mahanadi River, and fuel source.

Also read:
Ascendas to acquire 1.65 mn sq ft in Bengaluru
Vedanta, Hindalco expresses interest in CIL project


Vedanta will acquire Athena Chhattisgarh Power for Rs 564.67 crore. The liquidation process for the company was initiated in March last year. The acquisition for a purchase price of Rs 564.67 crore is likely to be completed in the ongoing financial year, adding that the consideration will be in the form of cash. The acquisition will fulfill the power requirement for Vedanta aluminium business and through vertical integration, add synergies by providing a cost advantage pertaining to power consumption. Athena Chhattisgarh Power has a 1,200 MW coal-based power plant located in the Jhanjgir Champa district in Chhattisgarh. Athena was admitted under Corporate Insolvency Resolution Process on May 15, 2019. Unit 1 and unit 2 of the power plant are 80% and 30% complete, respectively. Therefore, the company has never been operational. The power plant is well connected to national highways and railway stations and is also located in close proximity to its water source, the Mahanadi River, and fuel source.Also read:Ascendas to acquire 1.65 mn sq ft in BengaluruVedanta, Hindalco expresses interest in CIL project

Next Story
Infrastructure Urban

CONCOR Launches Double-stack Service Between NCR and Varnama

State-run Container Corporation of India (CONCOR) has launched double-stack container train services between the National Capital Region (NCR) and Varnama near Baroda. This initiative aims to facilitate customers at Nhava Sheva near Mumbai, home to Jawaharlal Nehru Port (J N Port). On December 21, the first double-stack container train from Khatuwas and Dadri in NCR reached CONCOR’s Gati Shakti Multimodal Cargo Terminal (GCT) at Varnama, situated along the Western Dedicated Freight Corridor (WDFC). The train carried export cargo destined for J N Port, according to a statement from the state..

Next Story
Infrastructure Transport

Less than 10% of Rs 40 Billion State-aid for Shipbuilding Utilised

A government-sanctioned financial assistance program worth Rs 40 billion, intended to support local shipbuilders over a decade starting in April 2016, has seen minimal utilisation, with only Rs 3.85 billion—less than 10 per cent of the total fund—disbursed thus far. With 15 months remaining before the scheme concludes, its uptake has been limited. The financial aid applies to shipbuilding contracts signed between April 1, 2016, and March 31, 2026. According to a written response provided by Union Minister of Ports, Shipping, and Waterways Sarbananda Sonowal to the Rajya Sabha on December ..

Next Story
Infrastructure Transport

Civil Aviation Minister Opens New ATC Tower at Indore Airport

The Minister for Civil Aviation, Ram Mohan Naidu Kinjarapu, inaugurated the new Air Traffic Control (ATC) Tower-cum-technical block at Devi Ahilyabai Holkar International Airport in Indore, Madhya Pradesh. During the inauguration, the minister toured the facility, where ATC experts explained various technical aspects of tracking and coordinating flights from the newly constructed tower. In addition to the ATC tower, the airport has also introduced a zero-waste plant. The union minister confirmed that this initiative aligns with the government’s commitment to sustainability. Minister Ki..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000