Evonith Steel has completed the acquisition of Indrajit Power Pvt Ltd, an 85 MW coal-based power plant in Wardha, Maharashtra, for ₹232 crore through the Insolvency and Bankruptcy Code process. The National Company Law Tribunal approved Evonith as the successful resolution applicant, and the acquisition has now been concluded.
Located adjacent to Evonith Steel’s manufacturing facility in Wardha, the plant is expected to strengthen the company’s energy security, reduce transmission losses and support ongoing and planned capacity expansion.
Chairman Jai Saraf said steel plants require a continuous and reliable power supply, particularly as production capacities grow, and that strengthening self-reliance in power generation will help ensure uninterrupted operations while supporting future growth.
The acquisition reflects a broader trend among industrial manufacturers seeking dedicated energy sources amid rising demand and increasing focus on operational resilience.
