en.Wedoany.com Reported - Evonith Steel has acquired Indrajit Power Pvt Ltd (IPPL) in Wardha, Maharashtra, for ₹2.32 billion through the Insolvency and Bankruptcy Code (IBC) process. The acquisition was approved by the National Company Law Tribunal (NCLT) on April 20, 2026, with the company becoming the Successful Resolution Applicant (SRA), and the transaction has now been completed. IPPL is an 85 MW installed capacity coal-fired power plant, which will provide electricity to support Evonith Steel's existing production and near-term growth plans.

This strategic acquisition enables Evonith Steel to achieve energy self-sufficiency at a competitive cost to a large extent, securing current energy needs, including the completion of the company's expansion phase. IPPL is adjacent to Evonith Steel's plant in Wardha, and the proximity to the existing manufacturing base helps integrate logistics and reduce transmission losses.

Evonith Steel Chairman Jai Saraf stated that steel plants are energy-intensive units, and expanding self-sufficiency in power sources helps ensure uninterrupted operational supply during sustained growth. The company plans to further expand capacity, and this acquisition is a key step in meeting power demand at a competitive cost.

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