Vedanta on 7th July 2022 said that it will acquire Athena Chhattisgarh Power located in Jhanjgir Champa, Chhattisgarh for Rs 564.67 crore.
Athena Chhattisgarh Power is a 1200 MW coal-based power plant located at Jhanjgir Champa district in Chhattisgarh, at a distance of 80kms from BALCO and 180kms from Jharsuguda. The plant has two units of 600 MW each. Unit 1 and Unit 2 are 80% and 30% complete respectively and therefore, the company has never been operational.
The acquisition is estimated to be completed in FY 2023. Vedanta said the acquisition will fulfil the power requirement for Vedanta Aluminium business and via vertical integration add synergies by providing a cost advantage pertaining to power consumption.
Vedanta, a subsidiary of Vedanta Resources, is one of the world's leading oil & gas and metals company with significant operations in oil & gas, zinc, lead, silver, copper, iron ore, steel, and aluminium & power across India, South Africa and Namibia.
The company reported 10% drop in consolidated net profit to Rs 5,799 crore on a 41% increase in revenue from operations to Rs 39,342 crore in Q4 FY22 over Q4 FY21.
Shares of Vedanta rose 0.44% to Rs 228.70 on the BSE.