CHENNAI: MEIL Energy, a wholly-owned subsidiary of Megha Engineering & Infrastructures, has acquired 100 percent stake in Taqa Neyveli Power Company from Abu Dhabi National Energy Company, reportedly for 387 million dirhams, or around Rs 926 crore.
The deal value hasn't been officially disclosed.
The acquisition marks a significant addition to MEIL’s expanding energy portfolio and underscores the group’s strategic transitioning from being a large diversified EPC player to an integrated developer, owner and operator of core infrastructure assets.
Though the company has not shared the deal value announced Thursday, it has been learn that it has been clinched for Rs 926 crore.
Taqa Neyveli owns and operates a 250 mw lignite-fired power plant in Neyveli, in southern Tamil Nadu. The power plant has a long-term power offtake commitment with the state distribution company and has a track record of delivering reliable and efficient power to meet the state’s growing energy demands.
With over 5.2 GW generation assets in its portfolio, this acquisition strengthens MEIL’s position across the energy value chain and supports its goal of building a resilient portfolio of operating assets that deliver reliable services at scale.
Commenting on the acquisition, Salil Kumar Mishra, MEIL group chief financial officer, said, the acquisition helps the group to own and operate high-quality energy assets, apart from advancing its long-term strategy of complementing EPC excellence with the ownership of core infrastructure assets.
The acquisition aligns with MEIL’s vision to build a robust, diversified energy portfolio through both organic and inorganic growth and reflects the company’s confidence in the fundamentals of the power sector, he added.
MEIL has made significant investments across power generation, transmission, oil & gas, and renewable energy.
The Hyderabad-headquartered Megha Engineering is one of the leading diversified players with interests spanning infrastructure, energy, hydrocarbons, manufacturing, and transportation. It operates across power, oil & gas, irrigation, water management, and industrial manufacturing.