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Vedanta gets nod to acquire Meenakshi Energy

19 Jan 2023 Evaluate

Vedanta has received approval from Board of Directors to acquire Meenakshi Energy. The company has been declared successful bidder on January 18, 2023 subsequent to which Board of Directors of Vedanta has approved the acquisition. Vedanta currently envisages to operate 1000 MW of Meenakshi Energy as IPP to carter to the needs of the market by entering into short or medium term PPA and by supplying power to merchants. The acquisition shall enhance the Group’s portfolio in power. The said acquisition estimated to be completed in FY2024.

The consideration payable is Rs 1,440 crore. Out of the total consideration Rs 312 crore shall be paid upfront and balance Rs 1,128 crore in the form of secured unlisted non-convertible debentures issued by Meenakshi Energy to the Financial Creditors to be repaid in 5 equal installments over a period of 5 years starting from the end of 2nd year.

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.

Vedanta Share Price

711.90 -23.70 (-3.22%)
24-Apr-2026 12:30 View Price Chart
Peers
Company Name CMP
Hindalco 1041.75
Vedanta 711.90
Hindustan Zinc 584.50
Jain Resource Recycl 410.65
Gravita India 1566.00
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