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Hira Ferro Alloys to acquire Chhattisgarh power plant

Monday, 07 Apr 2014
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Hira Ferro Alloys, a subsidiary of Godawari Power & Ispat, has agreed to acquire a biomass power plant from Shivalik Power & Steel, at Belsonda, in Mahasamund district of Chhattisgarh, on a slump sale basis.

The definitive agreement for acquisition of the 8.5 MW power plant was already executed on 5 April 2011, to this effect. The acquisition of the power plant is subject to compliance of certain conditions precedent, which are required to be fulfilled by the seller within a period of 30 days from the date of agreement or such extended period as may be mutually agreed.

The consideration payable for acquisition of the power plant on a slump sale basis as a going concern is Rs 10 lakhs in addition to assuming the liabilities as on the date of transfer.


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