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Evonith Steel has completed the acquisition of Indrajit Power Pvt Ltd, an 85MW coal-based power producer located next to its Wardha steel complex, for ₹232 crore. The deal, completed through the IBC process, is expected to improve power security and support the company’s future capacity expansion plans.
The power plant’s close location to Evonith’s steel facility may help reduce transmission losses, improve logistics efficiency and provide electricity at more competitive costs. Evonith Steel, with a 1.4 MTPA integrated steel capacity near Nagpur, produces hot metal, pig iron, hot-rolled coils, cold-rolled coils, galvanised coils and sheets. The company also plans to enter ductile iron pipe manufacturing in the future.
For India’s steel sector, this acquisition highlights the growing importance of captive and reliable power supply for energy-intensive steelmaking operations.
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