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Vedanta acquires Athena Chhattisgarh Power for Rs.564-Cr

BSE Disclosure  

Publicly listed Vedanta Limited is to acquire 100% stake in Athena Chhattisgarh Power Limited - a Chhattisgarh coal-based power producer that is under the liquidation process - for INR 564.67 crore. The acquisition is aimed at vertical integration and fulfilling the power requirements for Vedanta's aluminium business. Athena is a 1,200 MW coal based power plant located at Jhanjgir Champa district, Chhattisgarh. The Plant has 2 units of 600MW each. Unit 1 and Unit 2 are ~80% and ~30% complete respectively and therefore, the company has not been operational. Athena was admitted under Corporate Insolvency Resolution Process (CIRP) in May 2019 and in May 2021, NCLT Hyderabad bench directed initiation of the Liquidation process of the company.