Representational image  File photo
Business

MEIL Energy acquires 250-mw lignite-fired TN power unit for Rs 926 crore

The acquisition marks a significant addition to MEIL’s expanding energy portfolio.

ENS Economic Bureau

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.

Bound to be 'tamasha' when book comes out; was 'totally against' Rajiv becoming PM: Sonia Gandhi

Jamia under siege as Section 163 is enforced, gates welded shut on day 16 of hunger strike

Punjab’s paddy procurement crisis: What lies behind the storage bottleneck?

Army chief reviews preparedness along LAC's middle sector as face-offs with China continue in Arunachal

13 of 17 undertrials who escaped from Tamil Nadu jail recaptured, four still on the run