Vedanta to acquire debt-ridden Athena Chhattisgarh Power

New Delhi [India]-  Mining major Vedanta will completely obtain the debt-ridden power generation company Athena Chhattisgarh Power in a cash offer worth Rs 564.67 crore. It made the announcement on Thursday in a regulatory declaring to the stock market.

Athena Chhattisgarh Power is a 1200 megawatt coal-based power plant situated at Jhanjgir Champa area in Chhattisgarh. Unit 1 and System 2 of the firm are 80 percent and 30 per cent full, specifically, and also have actually never been operational.
Athena was confessed under the Corporate Bankruptcy Resolution Process on May 15, 2019, and on May 13, 2021, the NCLT Hyderabad bench had actually directed the initiation of the liquidation procedure of the Company.

The purchase will fulfill the power need for Vedanta Aluminium Business by giving a cost advantage concerning power usage.

The recommended acquisition is anticipated to be completed by the fiscal year 2023.

At 10.53 a.m. Friday, the shares of Vedanta traded at Rs 225.55, down 0.9 percent from the previous close.

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