India Power Corporation Limited, the power generation and distribution arm of Kanoria Foundation, has entered into an agreement with French energy major Engie, to acquire the latter’s 89 per cent stake in Hyderabad-based Meenakshi Energy Pvt Ltd (MEPL).
MEPL is the thermal power outfit of Meenakshi Group with presence in hydroelectric and biomass-based power generation and other infrastructure sector. According to a release, MEPL runs a 300 MW coal fired capacity at Krishnapatnam. A proposal is on to expand the generation capacity of the project to 700 MW by 2017. IPCL Chairman Hemant Kanoria said the price of the deal will be fixed after due diligence. “We have to go a long way to decide the price and secure a series of approvals from the lenders as well as the government, before we seal the deal,” he said.