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India: Steel company acquires its own power

By  |  January 19, 2015
India: Steel company acquires its own power

Steel Exchange India Ltd. (SEIL) received approval from the High Court to acquire Simhadri Power Ltd. Currently, Simhadri has one 60 MW coal power plant provides 34 MW of power to SEIL and the remaining power is sold to the Andhra Pradesh power grid. The power plant uses coal fines from SEIL as well as utilising waste heat from the steel company’s kilns. This amalgamation will allow SEIL to potentially have 60 MW of dedicated power, paving the way for announced expansion plans.

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    The merger is effective April 1 of this year and increases SEIL’s asset base from $52.5 million to $105.2 million as well as creating a fully integrated steel manufacturing hub.

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    Full Content: The Hindu Business Line

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