Evonith Steel has completed the acquisition of Indrajit Power Pvt Ltd in Wardha, Maharashtra, for Rs 232 crore through the Insolvency and Bankruptcy Code process. The company was approved as the successful resolution applicant by the National Company Law Tribunal on 20 April 2026.

Indrajit Power is an 85 MW coal-based power producer with the potential to meet Evonith Steel’s power requirements, including its immediate growth plans. The acquisition is expected to strengthen the company’s energy security and support its expansion phase through improved access to power at competitive costs.

The power plant is located adjacent to Evonith Steel’s manufacturing facility in Wardha, which is expected to improve logistics efficiency and reduce transmission losses.

Jai Saraf, Chairman, Evonith Steel, said steel plants are energy-intensive units and greater self-reliance in power supply will help ensure uninterrupted operations. He added that the acquisition is a critical step in supporting the company’s plans to expand production capacity.