Vedanta is all set to acquire 100% paid-up capital of Athena Chhattisgarh Power for Rs 564.67 crore. The consideration will be in the form of cash. The acquisition is likely to be completed in FY2023. The acquisition will fulfill the power requirement for Vedanta Aluminium Business and via vertical integration add synergies by providing a cost advantage pertaining to power consumption.
Athena is a 1200MW power plant located at Jhanjgir Champa district, Chhattisgarh, India at a distance of 80kms from BALCO and 180kms from Jharsuguda. The Plant has 2 units of 600MW each. Unit 1 and Unit 2 are 80% and 30% complete respectively and therefore, the company has never been operational. The plant is well connected to national highways and railway stations and is also located in close proximity to its water source, Mahanadi River and fuel source.
Vedanta is a diversified natural resources company, whose business primarily involves producing oil and gas, zinc- lead-silver, copper, iron ore, aluminium and commercial power.
