Vedanta Limited (NSEI:VEDL) agreed to acquire Meenakshi Energy Limited for INR 14.4 billion on December 31, 2022. The consideration payable is INR 14.4 billion and out of the total consideration INR 3.12 billion shall be paid upfront and balance INR 11.28 billion in the form of secured unlisted non-convertible debentures issued by Meenakshi Energy Limited to the Financial Creditors to be repaid in 5 equal installments over a period of 5 years starting from the end of second year. The board of directors of Vedanta Limited approved the transaction after winning the bid for the acquisition.

The transaction is subject to approval from National Company Law Tribunal. The Acquisition estimated to be completed in financial year 2024. Meenakshi Energy recorded revenues of INR 2.01 billion for the financial year ended March 31, 2022.