Mining major Vedanta on Thursday said it would acquire debt-ridden Athena Chhattisgarh Power for Rs 564.67 crore in an all-cash transaction. The liquidation process for the company was initiated in March last year.
According to Vedanta, the deal will be completed in the current financial year, fulfilling its power requirement for its aluminium business.
Athena Chattisgarh Power has a 1,200-megawatt coal-based power plant located in Chhattisgarh's Jhanjgir Champa district. The company was admitted under the Corporate Insolvency Resolution Process on May 15, 2019. On May 13 last year, a Bench of the NCLT-Hyderabad directed the initiation of the liquidation process