en.Wedoany.com Reported - Evonith Steel has completed the acquisition of Indrajit Power Pvt Ltd in Wardha, Maharashtra, for ₹2.32 billion. The transaction was processed under the Insolvency and Bankruptcy Code, with the National Company Law Tribunal approving the company as the successful resolution applicant on April 20, 2026.

Indrajit Power operates an 85 MW coal-fired power plant, whose generation capacity can meet Evonith Steel's current and near-term expansion electricity needs. The acquisition is expected to enhance Evonith Steel's energy security and support its expansion phase by securing power at competitive costs.

The power plant is adjacent to Evonith Steel's manufacturing facility in Wardha, a move anticipated to improve logistics efficiency and reduce transmission losses.

Evonith Steel Chairman Jai Saraf stated that steel plants are energy-intensive units, and improving self-sufficiency in power supply helps ensure uninterrupted operations. He added that this acquisition is a key step in supporting the company's capacity expansion plans.

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