Evonith Steel has completed the acquisition of Indrajit Power Pvt Ltd (IPPL), an 85 MW coal-based power generation company located in Wardha, Maharashtra, through the Insolvency and Bankruptcy Code (IBC) process. The acquisition was concluded following approval by the National Company Law Tribunal (NCLT) on April 20, 2026, under which Evonith Steel emerged as the successful Resolution Applicant.
The transaction, valued at INR 232 crore, represents a significant milestone in the company’s strategy to strengthen operational resilience and secure long-term energy availability for its growing steel manufacturing operations. Located adjacent to Evonith Steel’s integrated steel complex in Wardha, the power plant is expected to play a critical role in meeting the company’s existing and future electricity requirements. The close proximity of the facility offers substantial operational advantages, including reduced transmission losses, streamlined logistics, and improved efficiency in power distribution to manufacturing units.
As steel production remains one of the most energy-intensive industrial processes, access to dependable and competitively priced power is increasingly becoming a key differentiator for integrated producers. The acquisition is expected to enhance Evonith Steel’s energy self-sufficiency while reducing exposure to fluctuations in external power markets.
Commenting on the development, Jai Saraf, Chairman of Evonith Steel, said, “Reliable access to power is essential for sustaining efficient steel production and supporting future growth. This acquisition significantly strengthens our energy security and enables us to meet rising operational requirements as we continue expanding our manufacturing capacities. Securing captive power resources will help us maintain cost competitiveness while ensuring uninterrupted operations.”
The acquisition comes at a time when Evonith Steel is advancing expansion initiatives aimed at increasing production capacity and broadening its product portfolio. The addition of IPPL’s generation capacity is expected to support these plans while reinforcing the company’s long-term commitment to operational efficiency and sustainable growth.
Evonith Steel is the combined steel business of Evonith Metallics Limited (EML) and Evonith Value Steel Limited (EVSL), which together form an integrated steel complex in Wardha, Maharashtra. With an annual production capacity of 1.4 million tonnes, the company manufactures a range of value-added steel products including hot rolled coils, cold rolled coils, galvanized coils and sheets, while also supplying hot metal and pig iron to third-party customers. Strategically located in central India with dedicated rail connectivity and supporting infrastructure, the facility serves major markets across the country while maintaining proximity to key raw material sources.
