Vedanta Ltd. will be buying 100% of Athena Chhattisgarh Power Ltd. for Rs. 564.67 crore, and this acquisition will be complete in FY-23. This information was given by Vedanta in a stock filing dated 7th July 2022.
Athena Chhattisgarh Power Ltd. is a 1,200 MW coal-based power plant in Jhanjgir Champa district, Chhattisgarh. Vedanta, sees this acquisition as a step towards vertical integration, as the power produced in Athena Chhattisgarh’s plant will be used for its Aluminium production processes.
Athena Chhattisgarh has two units which are 80% and 30% complete respectively. Since these units are still incomplete, the company has never been operational. It came under the Corporate Insolvency Resolution Process on 15th May 2019 in the wake of outstanding debt, and the process of liquefying Athena Chhattisgarh’s assets began in March 2021.