Evonith Steel on Friday announced the acquisition of Indrajit Power Pvt Ltd (IPPL) through an insolvency process for ₹232 crore.
The acquisition of 85 MW thermal asset will support its power requirements, Evonith Steel said in a statement.
“Evonith Steel was approved as the successful Resolution Applicant (SRA) by the National Company Law Tribunal (NCLT) on April 20,” the statement said.
It has completed the acquisition of IPPL Maharashtra for ₹232 core through Insolvency and Bankruptcy Code (IBC) process, the statement added.
IPPL is located adjacent to the Evonith Steel’s 1.4 million tonne capacity plant in Wardha, Maharashtra.
