IPCL to acquire shares of Meenakshi Energy Private Limited from ENGIE

India Power Corporation Limited (“IPCL”) has announced that it has entered into an agreement with ENGIE to acquire shares of Meenakshi Energy Private Limited (“MEPL”).

MEPL has a coal fired thermal power plant (0.3 GW installed and 0.7 GW under-construction) located in Nellore, Andhra Pradesh, India. An agreement between ENGIE & IPCL has been entered, which is subject to customary approvals and consents.

IPCL, erstwhile DPSC Limited established in 1919, is an integrated utility having a distribution network in Asansol Durgapur area and a distribution franchisee in Gaya, Bihar. The company also operates wind power, solar power and thermal power units across the country. IPCL has a distribution loss of around 2% in the distribution area of Asansol, being the most efficient utility company in the power sector and is in the process of commissioning its 450 MW thermal power plant at Haldia.

In view of its strong experience in the power sector and having competent team of professionals, IPCL has been actively looking at acquisition opportunities. The present transaction would enable IPCL to add capacity of thermal power generation to its portfolio.

Jefferies India acted as financial advisor to IPCL in this transaction.