On Thursday, Mining giant Vedanta said it would acquire debt-laden Athena Chhattisgarh Power in an all-cash deal of Rs 564.67 crore. The company’s liquidation process began in March last year.

According to Vedanta, the transaction will be completed this financial year to meet the electricity needs of its aluminium business.

Athena Chattisgarh Power owns a 1,200 MW coal-fired power plant in Chattisgarh’s Jhanjgir Champa district. The company entered liquidation proceedings on May 15, 2019, through corporate bankruptcy resolution proceedings. On May 13 last year, a judge in NCLT-Hyderabad directed the company to start liquidation proceedings.

The power plant’s lenders are understood to have kept the reserve price at around Rs 485 crore. Vedanta made the highest bid, beating challengers such as Naveen-Jindal-led Jindal Power.

Winning bids are subject to NCLT approval. RBSA Advisors was the insolvency professional and transaction advisor on this transaction.