M&A

M&A

Jindal Power to acquire bankrupt Bhadreshwar Vidyut for Rs.470-Cr

Business Line   Bhadreshwar Vidyut Pvt Ltd  

Jindal Power is to acquire Chennai-headquartered thermal power genco, Bhadreshwar Vidyut Pvt Ltd , for nearly INR 470 crore under the corporate insolvency process. The acquisition is to be funded through internal accruals. Jindal Power will invest another INR 25-50 crore additionally towards capex in the acquired entity.Bhadreshwar Vidyut, formerly known as OPGS Power Gujarat, is a special-purpose vehicle promoted by the OPG group. It has two coal-based power plants of 150 MW each in Kutch, built at a project cost of INR 1640 crore with a debt-equity ratio of 75:25. The first unit was completed in February 2015, and the second unit in February 2016.The company was admitted to NCLT (Chennai) in October 2022 following a petition by the State Bank of India.