Vedanta to acquire Athena Chhattisgarh Power

Vedanta will acquire Athena Chhattisgarh Power for Rs 564.67 crore. The liquidation process for the company was initiated in March last year. The acquisition for a purchase price of Rs 564.67 crore is likely to be completed in the ongoing financial year, adding that the consideration will be in the form of cash. The acquisition will fulfill the power requirement for Vedanta aluminium business and through vertical integration, add synergies by providing a cost advantage pertaining to power consumption. Athena Chhattisgarh Power has a 1,200 MW coal-based power plant located in the Jhanjgir Champa district in Chhattisgarh. Athena was admitted under Corporate Insolvency Resolution Process on May 15, 2019. Unit 1 and unit 2 of the power plant are 80% and 30% complete, respectively. Therefore, the company has never been operational. The power plant is well connected to national highways and railway stations and is also located in close proximity to its water source, the Mahanadi River, and fuel source.Also read:Ascendas to acquire 1.65 mn sq ft in BengaluruVedanta, Hindalco expresses interest in CIL project