Indrajit Power Pvt Ltd (IPPL), an 85 MW coal-based power producer located in Wardha, Maharashtra, has been acquired by Evonith Steel for ₹232 crore as a part of the process to resolve the insolvency case of the company through the Insolvency and Bankruptcy Code (IBC).

NCLT voted to approve Evonith Steel as a resolution applicant and rounded off the acquisition of IPPL on the date of board approval, April 20, 2026. 

According to a statement from Evonith Steel, the acquisition will help them meet their current energy needs and allow them to execute their future growth plans. The location of IPPL is adjacent to their current manufacturing facility located in Wardha. 

"Steel manufacturing operations are energy intensive, and having more reliable sources of energy will enable us to ensure a consistent, uninterrupted supply of energy for our ongoing operations as we continue to grow. We will be expanding our production capacity at additional sites, and so this acquisition is crucial in ensuring that we have access to affordable power resources to meet our ongoing power usage," said Jai Saraf, the Chairman of Evonith Steel.

The business stated that the new power source would create more dependence upon self-generating electricity and enhance the energy security of our operations. Additionally, the fact that the plant is positioned adjacent to our manufacturing facility will result in improved logistics and decreased transmission losses.

Evonith Steel consists of Evonith Metallics Ltd (EML) and Evonith Value Steel Ltd (EVSL), and they both operate an integrated steel manufacturing facility located in Wardha, with a combined yearly output of approximately 1.4 million metric tons of product.

EML produces molten iron and pig iron, which are then sold to customers outside of EVSL's production activities. EVSL produces flat product types such as hot-rolled coils, cold-rolled coils, galvanized coils and sheets, and is also in the process of planning to manufacture ductile iron pipe.

The entire manufacturing complex (i.e., steel mill) is located near Nagpur in the state of Maharashtra, and as part of this facility, there exists a dedicated private rail siding, which connects the facility with rail lines that offer access to the entire country and to several significant raw material sources.