By Enersider Desk | New Delhi | 5 June 2026
Evonith Steel has completed the acquisition of Indrajit Power Pvt Ltd (IPPL) in Wardha, Maharashtra for INR 232 crore 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 potential to supply power requirements of Evonith Steel, including its immediate growth plans.
The strategic acquisition ensures self-dependence on energy sources to a large extent at competitive cost and will provide energy security to the company to meet its current energy requirements, including the completion of the expansion phase of the company. IPPL is located adjacent to the Evonith Steel plant in Wardha. The proximity to existing manufacturing operations ensures smoother streamlining of logistics involved and lower transmission losses.
Jai Saraf, Chairman, Evonith Steel, said: “Steel plants are energy-intensive units and expanding our self-reliance on power sources will help ensure continuous and uninterrupted 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.”
Evonith Steel is the combination of Evonith Metallics Limited (EML) and Evonith Value Steel Limited (EVSL) which form the Steel Complex at Wardha. Evonith Steel is an integrated steel producer with a capacity of 1.4 mtpa. The facilities are located in central India near Nagpur, Maharashtra with a captive railway siding and other essential infrastructure facilities, enabling access across all major markets countrywide and proximity to key raw materials. EML provides the hot metal or pig iron for EVSL and third parties to manufacture steel. EVSL manufactures steel from this hot metal to produce value added flat steel products such as hot rolled coils, cold rolled coils, galvanised coils and sheets, and in due course ductile iron pipes.
The acquisition strengthens the company’s energy security and supports its growth plans. The coal-based power plant will help meet the power requirements of the steel complex, reducing dependence on external grid supply and ensuring cost-competitive power for the energy-intensive steel manufacturing process.
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