NTPC acquires 600MW Jhabua Thermal Power Project for Rs 925cr

NTPC Limited has acquired Jhabua Power Limited, the owner of the 600MW Jhabua Thermal Power Project in Madhya Pradesh, for a price of INR 925 crores.

Jhabua Power Limited, which was originally promoted by Avantha Power & Infrastructure Limited, went into insolvency.

The Jhabua Thermal Power Project has been operating since 2016 in the Seoni district.

According to NTPC, the deal, which has been approved by National Company Law Tribunal (NCLT) and Competition Commission of India (CCI), will provide scope of inorganic growth.

NTPC said that INR 325 crores of the consideration for the Jhabua Thermal Power Project was paid towards equity, while the remaining INR 600 crores was paid for allotting non-convertible debentures (NCDs).

With the acquisition, the installed and commercial capacity of NTPC Group has surpassed 70GW and currently stands at 70,064MW.