Jindal Power to Acquire Gujarat-based Bhadreshwar Vidyut
POWER & RENEWABLE ENERGY

Jindal Power to Acquire Gujarat-based Bhadreshwar Vidyut

Jindal Power is set to acquire Gujarat-based thermal power company Bhadreshwar Vidyut for approximately Rs 5 billion through the corporate insolvency resolution process. The acquisition will strengthen Jindal Power’s presence in Gujarat’s energy sector.

The company recently secured approval from the Committee of Creditors (CoC) and has received the Letter of Intent. The final resolution plan is valued at around Rs 4.70 billion, with Jindal Power planning to finance the acquisition through internal accruals. Additionally, an estimated Rs 250-500 million will be allocated for capital expenditure to enhance the acquired entity’s operations.

Bhadreshwar Vidyut, formerly known as OPGS Power Gujarat, was established as a special-purpose vehicle by the OPG Group. The company operates two coal-based power plants in Kutch, each with a capacity of 150 MW. The project was developed at a total cost of Rs 16.40 billion, with a debt-equity ratio of 75:25.

The company entered insolvency proceedings in October 2022 after lenders rejected a debt restructuring plan. The acquisition by Jindal Power is expected to provide financial stability and operational improvements to the thermal power plants while expanding the company’s footprint in the region.

News source: DeshGujarat

Jindal Power is set to acquire Gujarat-based thermal power company Bhadreshwar Vidyut for approximately Rs 5 billion through the corporate insolvency resolution process. The acquisition will strengthen Jindal Power’s presence in Gujarat’s energy sector. The company recently secured approval from the Committee of Creditors (CoC) and has received the Letter of Intent. The final resolution plan is valued at around Rs 4.70 billion, with Jindal Power planning to finance the acquisition through internal accruals. Additionally, an estimated Rs 250-500 million will be allocated for capital expenditure to enhance the acquired entity’s operations. Bhadreshwar Vidyut, formerly known as OPGS Power Gujarat, was established as a special-purpose vehicle by the OPG Group. The company operates two coal-based power plants in Kutch, each with a capacity of 150 MW. The project was developed at a total cost of Rs 16.40 billion, with a debt-equity ratio of 75:25. The company entered insolvency proceedings in October 2022 after lenders rejected a debt restructuring plan. The acquisition by Jindal Power is expected to provide financial stability and operational improvements to the thermal power plants while expanding the company’s footprint in the region. News source: DeshGujarat

Next Story
Infrastructure Transport

Mumbai-Ahmedabad Bullet Train Set to Launch by 2028

India’s first bullet train is set to revolutionize high-speed travel along the western corridor, with the Mumbai-Ahmedabad high-speed rail project aiming for a 2028 launch. This announcement marks a major milestone in India’s infrastructure goals, as it promises to reduce travel time between the two economic hubs from eight hours to just three.Spanning a planned 508-kilometre stretch, the corridor stands as a flagship example of Indo-Japanese collaboration in technology and engineering. Once operational, the train is expected to transform intercity mobility and place India among the select..

Next Story
Infrastructure Transport

Mumbai-Gandhinagar Train Service Enhances Passenger Capacity

The Mumbai Central–Gandhinagar Capital Vande Bharat Express has increased its passenger capacity by adding four additional AC chair car coaches to meet the growing commuter demand on one of India’s busiest business corridors. This upgrade, effective from 11 May, raised the train’s seating capacity from 1,128 to 1,440 passengers, allowing it to serve 936 more passengers daily in both directions. The increase was described as a practical measure to accommodate the surging demand on the busy Mumbai–Ahmedabad–Gandhinagar route, which regularly operates at over 150 percent seat occupancy...

Next Story
Infrastructure Urban

Delhi Plans 12 Sewage Plants to Clean Najafgarh Drain Efficiently

Delhi’s ambitious plan to improve the water quality of the Yamuna River has gained significant momentum as the Delhi Jal Board (DJB) has begun work on 12 new sewage treatment plants (STPs) aimed at reducing the volume of untreated sewage being discharged from the Najafgarh Drain.This initiative forms part of the ongoing efforts to clean the Yamuna and restore the river’s health, which has long been a critical environmental issue for the national capital. Given the alarming pollution levels in the Yamuna, experts and officials consider this project a vital step toward addressing the persist..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?