Indian natural resources company Vedanta has agreed to acquire 100% equity interest in the project company of a 1,200MW coal-fired power plant complex in central India for Rs5.6467 billion ($71 million).
Athena Chhattisgarh Power Limited is the SPV for the 2x 600MW complex in Jhanjgir Champa, Chhattisgarh. It’s about 80km from aluminium company Balco and 180km from Jharsuguda. Unit 1 and Unit 2 are about 80% and 30% completed.
National Company Law Tribunal (NCLT) Hyderabad bench in May 2019 admitted the project company under corporate insolvency resolution process (CIRP). The court in May 2021 directed the start of the SPV’s liquidation.
Vedanta’s new asset will power its aluminium business.
The Mumbai-headquartered company anticipates completing the all-cash transaction in FY 2023, which runs from April 2022 to March 2023.