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India Power Corporation today said it has completed acquisition of Meenakshi Energy Pvt Ltd, a coal-fired power plant located in Andhra Pradesh.
The acquisition has been done by transferring Rs 2,800 crore of Meenakshi’s debt into its own accounts and buying out Rs 3,800 crore of equity at $1, India Power Chairman Hemant Kanoria said.
He said the power plant, owned by French company ENGIE, has one 300 MW plant operational and another 700 MW would become operational later.
The company was also in the process of setting up a 3X150 MW thermal plant in the port town of Haldia at an investment of Rs 3,500 crore.
The total generating volume of India Power, inclusive of 110 MW of wind power, would touch 1550 MW, he said.
Kanoria said India Power had formed a 50:50 JV with Germany’s Uniper Kraftwerk for management and operation of the Meenakshi and Haldia power plants.
The port-based Meenakshi power plant will use imported coal from Indonesia, he said.
Since it was very difficult to set up greenfield plants owing to land acquisition problems, India Power would look for further acquisitions for growth, Kanoria added.
India Power, formerly DPSC, distributes power in the regions of Asansol-Durgapur and Gaya-Bodh Gaya.
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