M&A

M&A

Vedanta to acquire debt-laden coal power producer Meenakshi Energy for Rs.1,440-Cr

Economic Times  

Vedanta Ltd has placed a winning bid for debt-laden power company Meenakshi Energy at INR 1,440 crore. Vedanta will pay INR 312 crore upfront, while the balance INR 1,128 crore will be in the form of secured, unlisted non-convertible debentures (NCDs) issued by Meenakshi Energy, which will mature in equal instalments over the next five years. Meenakshi Energy, which operates a 1000-megawatt coal power plant in Andhra Pradesh's Nellore, went under insolvency resolution in 2019.