Power Acquisition: Evonith Steel acquired Wardha-based Indrajit Power Pvt Ltd (85 MW) for Rs232 crore via the IBC process, approved by NCLT on April 20.
Strategic Advantage: IPPL’s proximity to Evonith’s steel plant will streamline logistics, reduce transmission losses, and supply power for both current operations and planned expansion.
Growth & Integration: Evonith, an integrated steel producer (1.4 mtpa), combines EML and EVSL, producing hot metal, pig iron, and value-added steel products, with plans to also manufacture ductile iron pipes.
Evonith Steel completed the acquisition of Wardha-based Indrajit Power Pvt Ltd (IPPL), an 85 MW coal-based power producer, for Rs232 crore through the Insolvency and Bankruptcy Code (IBC) process, the company said.
The National Company Law Tribunal (NCLT) approved Evonith as the successful resolution applicant on April 20.
IPPL is located adjacent to Evonith’s steel plant in Wardha. The proximity would help streamline logistics and reduce transmission losses, the company said.
Evonith said the plant would meet a large part of its power requirement at competitive cost, including for its planned expansion. The IPPL acquisition is among the IBC-route deals concluded in Vidarbha’s industrial belt, with the power plant set to feed directly into the adjoining steel complex rather than the open market.
 for Rs232 crore via the IBC process){kind=link}