India Power Corporation takes over Meenakshi plant

India Power Corporation Limited ("India Power"), a publicly listed Kanoria Foundation entity, has recently announced that it has taken over the control of 1,000 MW thermal power plant of Meenakshi Energy Private Limited ("Meenakshi"). Meenakshi was owned by French power giant ENGIE. The company has a coal fired thermal power plant in Nellore, Andhra Pradesh. The Meenakshi plant will enable India Power to add capacity of thermal power generation to its portfolio. Of the 1,000 MW, 300 MW is already operational and 700 MW is under advance stage of implementation, which will be commissioned by the third quarter of next year.
India Power is also setting up a 450 MW (150 MW x 3) power plant in Haldia, West Bengal. The first unit of the Haldia plant will be commissioned by end of December 2016, the second unit by March 2017, and the final unit by next year. The investment is about Rs 3,500Cr, one of the largest in the state in recent years.
Commenting on these developments, Hemant Kanoria, Chairman, India Power said: "India Power has been able to grow its businesses profitably despite the downward growth trajectory in the energy space over the last few years. With low level of debt and large enterprise value, the company has been able to create value for its shareholders in spite of the adverse power sector environment."

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