Meenakshi Power Plant Nellore

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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]

  1. ↑ (PDF) http://www.meenakshienergy.com/pdf/Detailed%20Expression%20of%20Interest%2025.01.2021.pdf. {{cite web}}: Missing or empty |title= (help)CS1 maint: url-status (link)
  2. ↑ "Lenders put Meenakshi Energy's 1,000-mw plant on sale". The Financial Express. 2018-07-31. Retrieved 2021-09-22.
  3. ↑ Paul, Aniek (2016-11-17). "India Power completes acquisition of Nellore power plant". mint. Retrieved 2021-09-23.
  4. ↑ Kumar, V. Rishi. "Meenakshi Energy to face insolvency proceedings". @businessline. Retrieved 2021-09-23.
  5. ↑ Kumar, V. Rishi. "Meenakshi Energy to face insolvency proceedings". @businessline. Retrieved 2021-09-22.
  6. ↑ "Thermal Power Plant". Nellorean. Retrieved 2021-09-22.


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