Megha Engineering unit to acquire Neyveli Power from Abu Dhabi’s TAQA
A Megha Engineering and Infrastructures (MEIL) unit has acquired a 100% stake in TAQA Neyveli Power from Abu Dhabi National Energy Company PJSC for Rs. 926 crore, investment banking sources told ET.
The acquisition by MEIL Energy, a wholly owned subsidiary of MEIL, underscores the transition of the group from an engineering, procurement and construction (EPC) conglomerate to a developer, owner and operator of core infrastructure assets, the company said in an official release that did not divulge financial details.
TAQA Neyveli owns and operates a 250 megawatt lignite-fired power plant located in Neyveli, Tamil Nadu. The power plant has a long-term power offtake commitment with the state discom.
