Evonith Steel Acquires 85 MW Power Plant in Maharashtra
Editorial Highlights
- •Evonith Steel acquired the 85 MW Indrajit Power plant for INR 232 Cr through the NCLT insolvency process.
- •The power plant's proximity to Evonith’s Wardha facility aims to reduce logistics costs and transmission losses.
- •Chairman Jai Saraf states this acquisition provides essential energy self-reliance to support future production expansion.
Evonith Steel has successfully completed the acquisition of Indrajit Power Pvt Ltd (IPPL) in Wardha, Maharashtra for INR 232 Cr through the Insolvency and Bankruptcy Code (IBC) process. The company was approved as the successful Resolution Applicant (SRA) by the National Company Law Tribunal (NCLT) on April 20, 2026 and has now completed the acquisition. IPPL is an 85 MW coal-based power producer which has the potential to meet the power requirements of Evonith Steel, helping the company achieve its immediate growth plans.
IPPL is located adjacent to the Evonith Steel plant in Wardha. The proximity to existing manufacturing operations in Wardha ensures streamlined logistics and lower transmission losses.
“Steel plants are energy-intensive units and expanding our self-reliance on power sources will help ensure a continuous supply for our operations as we continue on our growth journey. We have plans to expand our production capacities further, and this acquisition is a critical step to ensure that our power requirements are met at competitive costs,” said Jai Saraf, Chairman, Evonith Steel.
For more information: www.evonithsteel.com
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