Meenakshi Power Plant Nellore
A 1000 MW power plant, Meenakshi Energy Pvt. Ltd. is located at Nellore in Andhra Pradesh. The first phase of the Project (300 MW) was configured in a unique “part tolling-part merchant “ configuration with PTC India Limited. The Plant has a Capacity of 1000 MW (Unit I – 2 x 150 MW; Unit II – 2 x 350 MW). It is located adjacent to Krishnapatnam port and near coal basins Units (size in MW) Unit I (150 MW) Unit II (150 MW) Unit III (350 MW) Unit IV (350 MW). Water from the Kandaleru creek Sea is used as source for the plant.[1] Their outstanding debt was over Rs 4,000 crore and was forced to sale, led by REC [Rural Electrification Corporation] and SBI.[2] India Power Corp. Ltd, a SREI Group company acquired this power plant to run on coal imported from Indonesia, which will be directed by Raj Kanoria.[3] The Bench of Judicial Members admitted the insolvency petition as per the provisions code. Meenakshi Pvt. Ltd. availed a term loan and working capital from the lenders leadings to insolvency.[4] As a result, Engie Global purchased the shares and was inducted as the promoter of the corporate debtor.[5]GDF Suez, France acquired 74% stake in Meenakshi thermal power project in Nellore later.[6]
References[edit]
- ^ "Detailed Invitation for Expression of Interest to Submit Resolution Plan(s) for Meenakshi Energy Limited" (PDF). www.meenakshienergy.com.
- ^ "Lenders put Meenakshi Energy's 1,000-mw plant on sale". The Financial Express. 2018-07-31. Retrieved 2021-09-22.
- ^ Paul, Aniek (2016-11-17). "India Power completes acquisition of Nellore power plant". mint. Retrieved 2021-09-23.
- ^ Kumar, V. Rishi (14 November 2019). "Meenakshi Energy to face insolvency proceedings". @businessline. Retrieved 2021-09-23.
- ^ Kumar, V. Rishi (14 November 2019). "Meenakshi Energy to face insolvency proceedings". @businessline. Retrieved 2021-09-22.
- ^ "Thermal Power Plant". Nellorean. Retrieved 2021-09-22.