Union Budget 2023-24
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Vedanta set to acquire Meenakshi Energy for INR 1,440 crore

Debt-laden power company Meenakshi Energy is set to be acquired by Anil Agarwal's Vedanta Limited after its INR 1,440 crore bid went through. In an exchange filing, Vedanta said that INR 312 crore is set to be paid upfront, while the balance INR 1,128 crore will be in the form of secured, unlisted non-convertible debentures (NCDs) issued by Meenakshi Energy, which will mature in equal instalments over the next five years.