On Thursday, July 7, Vedanta Limited officially announced that it would acquire a 100 per cent stake in debt-ridden Athena Chhattisgarh Power Limited for INR 564.67 crore. The mode of payment is most likely to be cash, and the transaction is expected to complete in FY2022-23.
The news came after the company said in a regulatory filing, "Vedanta Limited to acquire 100% of the paid-up capital of Athena Chhattisgarh Power Limited."
The investment in 1200MW thermal power plant will be beneficial for Vedanta’s aluminium business as the latter would be able to secure required electricity for smelting at cheaper cost.
Athena power plant is located at Jhanjgir Champa district, Chhattisgarh, India, at a distance of nearly 80 Km from BALCO and 180 Km from Jharsuguda. The power plant has two units of 600 MW each, but none is operational yet as they are complete by 80 per cent and 30 per cent, respectively.
The location of the plant is very advantageous as it is well connected to national highways and railway stations and situated in close proximity to water source, Mahanadi river and fuel source.
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