Evonith Steel Acquires 85 MW Power Plant

08 Jun 2026 CW Team

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.

Real Estate

22 Jul 2026

Gaur City Mall Records Rs 100 Crore Monthly Sales in FY26

Gaur City Mall recorded monthly retail sales of more than Rs 100 crore consistently during FY 2025-26, strengthening its position as a leading retail and lifestyle destination in North India.The milestone was announced as the mall marked its seventh anniversary with ‘The Billion Celebration’, recognising its growth alongside retail partners, shoppers and other stakeholders.Spread across 8 lakh sq ft, the mall forms part of the larger Gaur City Township and was developed to provide shopping, entertainment and community facilities for residents. It has since expanded its reach beyond the tow..

Mollo Noleggio Climbs 17 Places in Global IRN 100 Ranking

Mollo Noleggio has secured a place in the IRN 100 ranking for the second consecutive year, climbing 17 positions compared with the previous edition.Compiled annually by International Rental News, the official magazine of the European Rental Association, the ranking lists the world’s 100 largest vehicle and equipment rental companies by turnover.Mollo Noleggio entered the ranking for the first time in 2025, becoming the first Italian company specialising exclusively in rental services to be included. Its improved position reflects the company’s continued growth and expanding presence in the..

Manglam Group Launches Rs 1,000 Cr PinkWest in West Jaipur

Manglam Group has launched PinkWest, a Rs 1,000 crore integrated commercial development on the Jaipur–Ajmer Highway in West Jaipur. The project has already achieved over Rs 300 crore in sales, reflecting strong investor interest in the city's emerging commercial corridor.Spread across nearly 13 lakh sq ft, PinkWest is being developed as a mixed-use destination featuring retail, office spaces, hospitality, dining, entertainment and lifestyle offerings. The project is expected to generate a development value of around Rs 1,500 crore upon completion, which is targeted for 2029, subject to const..