Metal and mining magnate Anil Agarwal has come very close to adding another big company to his business empire. Billionaire Anil Agarwal's Vedanta may soon complete the acquisition of Meenakshi Energy, a company undergoing insolvency process. For this Vedanta has got the green signal from NCLT.
Lenders will have this much recovery
According to a report in ET, the Hyderabad bench of the National Company Law Tribunal has approved Vedanta's bid for Meenakshi Energy. Anil Agarwal's Vedanta has submitted a bid of Rs 1,440 crore for Meenakshi Energy. Meenakshi Energy has received dues claims of Rs 4,625 crore from various lenders. In this way, if Vedanta's bid is approved, the lenders will get recovery equal to 31 percent of the total dues.
He also offered
For Meenakshi Energy, NCLT had received several other bids besides Vedanta. Jindal Power and a consortium of Prudent Asset Reconstruction Company and Vizag Minerals had also bid for the company going through the insolvency process. At the same time, the government-promoted National Asset Reconstruction Company had offered Rs 1,003 crore to buy all the dues of the borrowers.
Vedanta's bid was the best
However, the NCLT decided to accept Vedanta's offer as Vedanta's bid was found to be the best for Meenakshi Energy. Vedanta's offer was approved by the committee of creditors with a majority of 94.96 per cent. Vedanta first made the offer on 29 August 2022, which was later revised twice on 28 October and 26 December 2022. In this way, the final bid of Vedanta became Rs 1,440 crore.
Meenakshi Energy makes electricity
Meenakshi Energy is a power generation company. The company's power generating unit is located near Krishnapatnam Port of Adani in Andhra Pradesh. There are two phases of that plant. The first phase has two units of 150-150 MW unit capacity, while the second phase has two units of 350-350 MW capacity. The first phase is in operation, while the second phase is ready but has not started operations.
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