India Power Corporation (formerly DPSC) has concluded acquisition of Meenakshi Energy, 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.
Meenakshi Energy, owned by French company ENGIE, has one 300 MW plant operational and another 700 MW would become operational later.
India Power, formerly DPSC, distributes power in the regions of Asansol-Durgapur and Gaya-Bodh Gaya.